Tag Archives: rental market

Redfin Report: Rents Post First Annual Decline in Three Years

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The median asking rent fell 0.4% in March to the lowest level in 13 months. Austin and Chicago saw the largest declines, while Raleigh and Cleveland experienced the biggest gains.

Seattle, WA – April 14, 2023 (BUSINESS WIRE) (NASDAQ: RDFN) The median U.S. asking rent fell 0.4% year over year to $1,937 in March – the first annual decline since March 2020 and the lowest median asking rent in 13 months, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. By comparison, rents were up 17.5% one year earlier, in March 2022.

“It’s similar to the cost of eggs. You can say egg prices are plummeting, but what’s really happening is they’re finally making their way back to the $3 norm instead of $5 or $6. Rents ballooned during the pandemic, and are now returning to earth.”Tweet this

The median asking rent in March was unchanged from February. It remained $322 higher (19.9%) than it was at the onset of the pandemic three years earlier, though wages increased at roughly the same pace during this time.

“Rents are falling, but it feels more like they’re just returning to normal, which is healthy to some degree,” said Dan Close, a Redfin real estate agent in Chicago, where the median asking rent in March was 9.2% lower than it was a year earlier. “It’s similar to the cost of eggs. You can say egg prices are plummeting, but what’s really happening is they’re finally making their way back to the $3 norm instead of $5 or $6. Rents ballooned during the pandemic, and are now returning to earth.”

Rents surged during the past two years because incomes increased and household formation rose as more millennials started families. But household formation is now slowing, partly because many people are opting to stay put rather than move during a time of economic uncertainty.

Rents Drop Due to Supply Glut, Inflation, Economic Uncertainty

Rents declined from a year earlier in March largely due to a surplus of supply resulting from the pandemic homebuilding boom. The number of multifamily units that went under construction and the number completed each rose to the second highest level in more than three decades in February, the latest month for which data is available. Completed residential projects in buildings with five or more units jumped 72% year over year on a seasonally-adjusted basis to 509,000, the highest level since 1987 with the exception of February 2019. Started projects in buildings with five or more units rose 14.3% to 608,000, the highest level since 1986 with the exception of April 2022.

The short-term rental market is in a similar situation. The Airbnb market is oversaturated with supply and authorities are imposing tougher restrictions on hosts in some areas, driving some owners to lower rents or sell, according to Redfin agents.

The overall rental market is also cooling because still-high rental costs, inflation, rising unemployment and recession fears are causing rental demand to ease. Rental vacancies are on the rise, prompting some landlords to cut rents and/or offer concessions like discounted parking.

Rents Declined in 13 Major U.S. Metro Areas

  1. Austin, TX (-11%)
  2. Chicago, IL (-9.2%)
  3. New Orleans, LA (-3%)
  4. Birmingham, AL (-2.9%)
  5. Cincinnati, OH (-2.9%)
  6. Sacramento, CA (-2.8%)
  7. Las Vegas, NV (-2.4%)
  8. Atlanta, GA (-2.3%)
  9. Phoenix, AZ (-2.1%)
  10. Baltimore, MD (-2%)
  11. Minneapolis, MN (-1.6%)
  12. Houston, TX (-1.5%)
  13. San Antonio, TX (-1.3%)

“A lot of people in Chicago became landlords during the pandemic,” Close said. “Some were looking to cash in on soaring rents. Some rented out their homes because selling would’ve meant giving up their rock-bottom mortgage rate. Others tried to sell but didn’t get a satisfactory offer due to slowing homebuyer demand. Now we have a lot of rental supply, which is bringing prices down because renters have more options.”

Raleigh, Cleveland Saw Largest Rent Increases

  1. Raleigh, NC (16.6%)
  2. Cleveland, OH (15.3%)
  3. Charlotte, NC (13%)
  4. Indianapolis, IN (10.5%)
  5. Nashville, TN (9.6%)
  6. Columbus, OH (9.4%)
  7. Kansas City, MO (8.1%)
  8. Riverside, CA (7.2%)
  9. Denver, CO (7%)
  10. St. Louis, MO (4.2%)

Three factors have driven up rents in Nashville, according to local Redfin real estate agent Jennifer Bowers: investors, high home prices and a strong local job market.

“Tons of investors bought homes in Nashville and turned them into rentals during the pandemic in order to take advantage of low mortgage rates and rising rental demand—which allowed them to jack up rents. While investors have since pumped the brakes on purchases, they haven’t cut rents,” Bowers said. “Demand for rentals rose in part because skyrocketing housing prices pushed homeownership out of reach for many families. Elevated mortgage rates over the last year-and-a-half have also priced buyers out.”

The average 30-year-fixed mortgage rate is now 6.27%, down from a fall peak of 7.08%, but up from 5% in April 2022, which has sent the typical homebuyer’s monthly payment up by nearly $300 from a year ago. While home prices have started falling on a year-over-year basis, they remain more than 30% higher than they were when the pandemic started.

To view the full report, including charts, full metro-level breakouts and methodology, please visit: https://www.redfin.com/news/redfin-rental-report-march-2023

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.

Contacts

Redfin Journalist Services:
Kenneth Applewhaite, 206-588-6863
press@redfin.com

Minimum Wage Workers Need Three Roomates or Four jobs to Afford a Two-Bedroom Rental

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Rent affordability is better in cities with higher minimum wages, even in expensive markets

  • It would take the incomes of almost four full-time workers earning the federal minimum wage to reasonably afford the typical two-bedroom rental.
  • Affordability is better in cities that have set their own minimum wages, even in more expensive markets.
  • Building more homes is a clear path to improving affordability. Measures that allow for more density, including allowing new accessory dwelling units, duplexes or triplexes in residential neighborhoods, are supported by a strong majority of homeowners and renters.

Seattle, WA – Jan. 31, 2023 (PRNewswire) Only in 10 of the 50 largest U.S. cities can two full-time workers earning minimum wage comfortably afford a typical two-bedroom rental. Nationally, four minimum-wage workers would have to double up in both bedrooms to not stretch their budgets, finds a new Zillow® analysis shining a light on the impact of the country’s housing shortage.

Zillow logo (PRNewsfoto/Zillow Group)

In cities where there are higher-than-average rents – but the minimum wage is also higher – workers tend to fare better. It takes 2.5 full-time workers on average spending 30% of their income to pay two-bedroom rent in cities with minimum wage set beyond the federal level.

“This is perhaps the only context in which San Francisco is more affordable than San Antonio,” said Zillow senior economist Nicole Bachaud. “Renters have been squeezed by record-fast rent growth while incomes haven’t kept up. That’s true for those making minimum wage, but especially so where the minimum wage hasn’t budged for more than a decade. Clearing the path for more construction, especially at entry-level prices, is needed to make housing more affordable across the board.”

Of the 10 cities where two full-time workers earning minimum wage could afford a typical two-bedroom rental, all have a minimum wage of at least $10 an hour. That includes cities with relatively inexpensive rent prices, such as Cleveland and Albuquerque, and also cities where a two-bedroom rental costs more than the national average, including Sacramento, Chicago and Minneapolis.

There are six cities where at least four full-time minimum-wage incomes would be needed to reasonably afford a two-bedroom rental: Austin, Atlanta, Charlotte, Nashville, Dallas and Raleigh. All use the federal minimum wage of $7.25 an hour and have been among the hottest housing markets in the country in recent years. Charlotte, Dallas, Nashville and Atlanta are also among Zillow’s hottest markets for 2023, making it likely that affordability will become even tighter in those markets.

A higher minimum wage on its own is not a solution to the affordability challenges facing low-income renters. Fourteen of the cities analyzed have minimum wages of at least $15 an hour — more than twice the federal minimum. Even in these cities, a single full-time worker earning minimum wage cannot reasonably afford a typical one-bedroom rental, and the minimum wage would need to at least double for that to be the case in eight of those cities. In San Francisco, which has the highest one-bedroom rents in the country, an income of $49.01 an hour is needed to reasonably afford such a rental.

Simple supply and demand is the primary driver of growing housing costs, so one clear path to improving affordability is building more homes. Zillow research has shown that even modest densification measures — such as allowing two units of housing on a fraction of single-family lots in large metros — could add 3.3 million homes and meaningfully slow housing price growth over the long term. A large majority (77%) of homeowners and renters surveyed by Zillow last year were supportive of either new accessory dwelling units, duplexes or triplexes in residential neighborhoods.

Renters shopping for an affordable home can use Zillow’s rent affordability calculator to help determine their price range, and Zillow’s rental market trends tool for an up-to-date look at price trends in the city or cities where they are searching.

Application fees can also add up during a rental search. More than half (57%) of renters submit at least two applications, with the typical application fee coming in between $40 and $59. For a flat fee of $29, renters can use Zillow’s rental application to apply online for an unlimited number of participating properties for 30 days, which gives them the ability to control costs and add flexibility to their search.

City*Minimum WageTypical Rent for a
One-Bedroom Rental		Full-Time
Minimum Wage
Jobs Needed to
Comfortably
Afford a One-
Bedroom Rental		Typical Rent for a
Two-Bedroom Rental		Full-Time
Minimum Wage
Jobs Needed to
Comfortably
Afford a Two-
Bedroom Rental
United States$7.25$1,1633.3$1,3253.8
New York$15.00$1,7562.4$1,9772.7
Los Angeles$16.04$1,6522.1$2,1152.7
Houston$7.25$1,0503.0$1,2653.6
Chicago$15.40$1,1391.5$1,4351.9
San Antonio$7.25$1,0633.1$1,3323.8
Philadelphia$7.25$1,0383.0$1,2593.6
Phoenix$13.85$1,1771.8$1,3072.0
Las Vegas$10.50$1,0792.1$1,3052.6
San Diego$16.30$1,9622.5$2,4683.2
Dallas$7.25$1,1453.3$1,4124.1
Austin$7.25$1,3994.0$1,7645.1
San Jose$17.00$2,0672.5$2,7743.4
Jacksonville$11.00$1,0832.1$1,2952.5
Indianapolis$7.25$9152.6$1,1563.3
San Francisco$16.99$2,3522.9$2,6193.2
Charlotte$7.25$1,3193.8$1,5524.5
Fort Worth$7.25$1,0873.1$1,3153.8
Tucson$13.85$8781.3$1,1651.8
Columbus$10.10$9361.9$1,1412.4
Louisville$7.25$9922.9$1,1603.3
Orlando$11.00$1,4122.7$1,6783.2
El Paso$7.25$8852.5$1,0993.2
Detroit$10.10$7471.5$1,0282.1
Denver$17.29$1,4481.7$1,8552.2
Seattle$18.69$1,8002.0$2,3742.6
Memphis$7.25$7912.3$1,0683.1
Boston$13.50$1,9243.0$2,1633.3
Washington, DC$16.10$1,9172.5$2,4053.1
Portland$14.75$1,3671.9$1,6772.4
Nashville$7.25$1,2983.7$1,4774.2
Sacramento$15.50$1,1651.6$1,4582.0
Baltimore$13.25$1,0391.6$1,2532.0
Milwaukee$7.25$7962.3$1,0012.9
Fresno$15.50$1,0061.4$1,1681.6
Omaha$7.25$9742.8$1,1833.4
Albuquerque$12.00$9321.6$1,1332.0
Oklahoma City$7.25$8322.4$1,0413.0
Raleigh$7.25$1,2603.6$1,3924.0
Mesa$13.85$1,1301.7$1,2561.9
Miami$11.00$1,5412.9$2,0733.9
Atlanta$7.25$1,5014.3$1,6644.8
Kansas City$12.00$9691.7$1,2052.1
Colorado Springs$13.65$1,2261.9$1,3512.1
Long Beach$15.50$1,5102.0$2,0212.7
Virginia Beach$12.00$1,3102.3$1,5032.6
Oakland$15.97$1,4911.9$1,9122.5
Tulsa$7.25$7942.3$1,0423.0
Minneapolis$15.19$1,0101.4$1,3941.9
Honolulu$12.00$1,5402.7$2,1143.7
Cleveland$10.10$7311.5$9321.9
*Table ordered by market size 

About Zillow Group

Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease.

Zillow Group’s affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which houses ShowingTime®, Bridge Interactive®, and dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

SOURCE Zillow

Realtor.com® April Rental Report: National Rents Hit their 14th Straight Month of Record-Highs

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The majority of renters report that rental costs are their biggest financial strain and barrier to putting aside savings, according to Realtor.com®‘s Avail Quarterly Landlord and Renter Survey

Santa Clara, CA – May 19, 2022 (PRNewswire) New data indicates that rental competition remained relentless in April, as the U.S. median rental price hit a new high ($1,827) for the 14th month in a row, according to the Realtor.com® Monthly Rental Report released today. These trends spotlight the affordability struggles reported by renters in Realtor.com®‘s Avail Quarterly Landlord and Renter Survey also published today, which found higher rents are increasingly cutting into households’ budgets for regular expenses and savings.

“April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to rent for longer than planned,” said Realtor.com® Chief Economist Danielle Hale. “Renters are being left with few options but to meet higher rents and, in some cases, even offer above asking – whether they can afford to or not. Avail’s new survey shows rents are not only maxing out renters’ housing budgets but are the biggest strain on their overall finances, even as inflation drives up expenses across the board. For renters trying to stay on budget, making a list of must-have features is key and using a tool like the Realtor.com® Rentals app can help you find (and stick to) your parameters. This will be especially important as, if recent trends continue, we expect the typical U.S. asking rent to eclipse $2,000 by August.”

April 2022 Rental Metrics – National

Unit SizeMedian RentChange over April 2021Change over April 2020
Overall$1,82716.7%21.0%
Studio$1,50017.2%15.2%
1-bed$1,67915.7%19.9%
2-bed$2,06216.0%23.8%

April rents maintain record-breaking run, despite annual growth cooling slightly
Realtor.com®‘s April data showed national rents maintained their record-breaking run that began in January 2021, despite posting a slightly smaller year-over-year gain than in March. The continued rent surge is attributed to the mismatch between rental supply and rising demand, largely from would-be homebuyers. Some of these aspiring homeowners are staying in the rental market for longer than they may have intended, due to intensifying cost pressures driven by both the longstanding housing supply shortage and more recent inflationary economy. If these trends continue, national asking rents will likely surpass 2022’s forecasted year-over-year growth projections (+7.1%) by end of year.

  • The U.S. median rental price hit a new high of $1,827 in April, while the annual growth rate (+16.7%) moderated slightly from the March pace (+17.0%). Still, rents continued to rise at a double-digit annual pace, reaching 21.0% higher than in April 2020 right after the onset of COVID.
  • Studio rents grew at a faster year-over-year pace (+17.2%) than one-bedrooms (+15.6%) and two-bedrooms (+15.9%). This is largely due to the ongoing rental market comeback in major downtowns where smaller living spaces are common, with studio rents up double-digits over April 2021 in all 10 of the biggest tech hubs, led by: New York City (29.1%), Boston (+27.4%) and Austin, Texas (+25.0%).
  • In a potential reflection of shifting migration patterns during the pandemic, the five large markets that posted April’s biggest overall rental price gains year-over-year were in the Sun Belt: Miami (+51.6%), Orlando, Fla. (32.9%), Tampa, Fla. (27.8%), San Diego (25.6%) and Las Vegas (24.8%).

Avail survey finds renters are struggling to keep up with rising costs
With rental demand on the rise, landlords with limited available units are able to adjust asking rents on both new and renewing leases to reflect the increasingly competitive market. In fact, the majority of landlords surveyed by Realtor.com®‘s Avail reported plans to increase rental prices within the next 12 months. This could mean further rental affordability challenges, with many surveyed renters already feeling the squeeze on their finances and savings, as inflation drives up the cost of everything from rent to regular household expenses.

  • Among renters surveyed in April, 66.1% said higher rents and related household costs are their top cause of financial strain – ahead of other expenses like food and groceries (57.3%) and auto and transportation (50.8%).
  • Higher rents are also limiting renters’ ability to save, with more than three-quarters of renters (76.1%) saving less each month than at the same time last year. The typical household surveyed reported being able to save just $50 each month.
  • Of respondents whose rents have gone up on their current unit, 72.9% are considering a move to a more affordable rental. However, lower-cost options are dwindling, with renters who moved in the past year typically paying higher rents ($350) than they did previously. Those who are staying put are trying to cut costs, most commonly on entertainment (67.1%) and food and groceries (62.3%).
  • Additionally, trends among surveyed landlords indicate that renters aren’t likely to see relief any time soon. Nearly three-quarters of landlords (72.1%) plan to raise the rent of at least one property this year, up from 65.1% in the January survey.

“Our survey data underscores how renters and landlords alike are feeling the squeeze of inflation and higher costs. For renters in particular, many may understandably feel caught between a rock and a hard place, but remember that there are resources that can help. Doing your research can go a long way in helping you prepare to navigate rent increases and their impact on your family’s finances,” said Ryan Coon, Avail co-founder and VP of Rentals at Realtor.com®.

Renters grappling with higher costs can access free financial counseling through the Renter Advantage program, a collaboration between Realtor.com®‘s Avail, the National Foundation for Credit Counseling, the Housing Partnership Network, and Wells Fargo. Learn more here.

April 2022 Rental Metrics – 50 Largest U.S. Metro Areas

Metro AreaOverall
Median
Rent		Overall
Rent
YoY		Studio
Median
Rent		Studio
Rent
YoY		1-br
Median
Rent		1-br
Rent
YoY		2-br
Median
Rent		2-br
Rent
YoY
Atlanta-Sandy Springs-Roswell, Ga.$1,82916.7%$1,66517.9%$1,70017.4%$2,03517.7%
Austin-Round Rock, Texas$1,80024.7%$1,45025.0%$1,65226.7%$1,95118.5%
Baltimore-Columbia-Towson, Md.$1,80012.5%$1,48512.5%$1,70112.1%$1,90011.0%
Birmingham-Hoover, Ala.$1,1897.8%$1,07311.7%$1,1207.2%$1,2838.3%
Boston-Cambridge-Newton, Mass.-N.H.$2,82522.7%$2,40027.4%$2,60018.3%$3,19023.9%
Buffalo-Cheektowaga-Niagara Falls, N.Y.$1,2907.5%$1,1252.7%$1,1253.0%$1,4457.8%
Charlotte-Concord-Gastonia, N.C.-S.C.$1,67519.5%$1,56321.8%$1,58821.3%$1,84017.3%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$1,92313.5%$1,58021.5%$1,88013.9%$2,1609.6%
Cincinnati, Ohio-Ky.-Ind.$1,4168.9%$1,20013.2%$1,3608.8%$1,5768.4%
Cleveland-Elyria, Ohio$1,40910.7%$9504.4%$1,3196.2%$1,54014.1%
Columbus, Ohio$1,27511.1%$1,09510.1%$1,20011.9%$1,3909.4%
Dallas-Fort Worth-Arlington, Texas$1,65521.3%$1,37518.5%$1,50822.4%$1,91820.3%
Denver-Aurora-Lakewood, Colo.$1,97015.3%$1,60014.7%$1,84816.0%$2,33116.3%
Detroit-Warren-Dearborn, Mich.$1,3854.5%$1,0747.9%$1,1656.4%$1,5454.6%
Hartford-West Hartford-East Hartford, Conn.$1,6267.5%$1,49732.5%$1,4402.9%$1,95511.7%
Houston-The Woodlands-Sugar Land, Texas$1,43513.1%$1,34411.6%$1,31013.4%$1,60912.7%
Indianapolis-Carmel-Anderson, Ind.$1,2378.9%$1,0508.4%$1,1308.2%$1,37410.9%
Jacksonville, Fla.$1,60023.3%$1,43042.3%$1,48420.8%$1,75724.4%
Kansas City, Mo.-Kan.$1,23310.6%$1,0149.1%$1,11513.0%$1,46511.3%
Las Vegas-Henderson-Paradise, Nev.$1,64924.8%$1,31513.4%$1,51925.5%$1,75022.3%
Los Angeles-Long Beach-Anaheim, Calif.$3,01620.9%$2,27923.2%$2,76723.9%$3,44518.2%
Louisville/Jefferson County, Ky.-Ind.$1,20413.6%$1,00512.0%$1,13512.9%$1,3598.6%
Memphis, Tenn.-Miss.-Ark.$1,40922.0%$1,13910.6%$1,36221.2%$1,56122.6%
Miami-Fort Lauderdale-West Palm Beach, Fla.$3,04553.9%$2,50046.0%$2,65951.9%$3,50054.3%
Milwaukee-Waukesha-West Allis, Wis.$1,5259.3%$1,2006.2%$1,4289.8%$1,75010.7%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$1,5805.5%$1,2454.2%$1,4955.5%$1,9254.4%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.$1,76024.2%$1,74922.7%$1,61820.3%$1,91426.9%
New Orleans-Metairie, La.$1,79812.4%$1,30028.4%$1,5906.3%$2,0207.8%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$2,84518.0%$2,58129.1%$2,57312.2%$3,16613.1%
Oklahoma City, Okla.$98513.0%$91330.6%$91614.6%$1,05011.2%
Orlando-Kissimmee-Sanford, Fla.$1,92732.9%$1,63023.7%$1,77230.9%$2,19036.9%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$1,7757.6%$1,4132.0%$1,6794.1%$1,9756.1%
Phoenix-Mesa-Scottsdale, Ariz.$1,91520.1%$1,42920.4%$1,65020.7%$2,22514.7%
Pittsburgh, Pa.$1,4754.2%$1,26112.4%$1,4505.7%$1,592-2.0%
Portland-Vancouver-Hillsboro, Ore.-Wash.$1,76412.1%$1,4009.8%$1,71011.2%$2,04911.8%
Providence-Warwick, R.I.-Mass.$2,20025.4%$1,4684.9%$1,76513.5%$2,57529.9%
Raleigh, N.C.$1,61523.9%$1,45822.1%$1,48524.5%$1,79121.3%
Richmond, Va.$1,43517.0%$1,14715.0%$1,30518.1%$1,55916.4%
Riverside-San Bernardino-Ontario, Calif.$2,72912.3%$1,400-6.7%$2,18414.5%$3,00013.3%
Rochester, N.Y.$1,3209.5%$9808.6%$1,26513.6%$1,4057.7%
Sacramento–Roseville–Arden-Arcade, Calif.$2,04510.1%$1,84511.5%$1,9017.6%$2,23010.9%
San Antonio-New Braunfels, Texas$1,38519.4%$1,24216.4%$1,26420.1%$1,59921.0%
San Diego-Carlsbad, Calif.$3,12525.6%$2,44723.1%$2,76922.5%$3,50023.5%
San Francisco-Oakland-Hayward, Calif.$3,00011.1%$2,35015.6%$2,75011.4%$3,5009.5%
San Jose-Sunnyvale-Santa Clara, Calif.$3,16519.9%$2,49023.9%$2,92018.8%$3,54518.2%
Seattle-Tacoma-Bellevue, Wash.$2,16517.2%$1,79923.4%$2,14516.2%$2,63318.4%
St. Louis, Mo.-Ill.$1,3318.7%$1,0006.1%$1,27210.8%$1,4626.1%
Tampa-St. Petersburg-Clearwater, Fla.$2,16327.8%$1,98928.0%$1,89628.0%$2,39026.6%
Virginia Beach-Norfolk-Newport News, Va.-N.C.$1,53113.4%$1,34310.6%$1,43610.6%$1,66912.8%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$2,11512.4%$1,72214.1%$2,01712.2%$2,49910.6%

Methodology

Realtor.com® Monthly Rental Trends: Data as of April 2022 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). National rents were calculated by averaging the medians of the 50 largest U.S. metropolitan areas, defined by the Core-Based Statistical Area (CBSA). Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history going back to March 2019.

Note: With the release of its February 2022 Rental Report, Realtor.com® incorporated a new and improved methodology (see details here). As a result of these changes, the rental data released since March 2022 will not be directly comparable with prior publications. However, future releases, including historical data, will consistently apply the new methodology.

Realtor.com®‘s Avail Quarterly Landlord and Renter Survey: Survey responses collected from a nationally representative sample of more than 2,400 independent landlords and their renters. The survey was conducted between April 21st, 2022 and May 2nd, 2022. The margin of error for landlords is ± 2.9%, and ± 2.7% for renters.

About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media Contact
rachel.conner@move.com 

SOURCE Realtor.com