For the First Time Ever, Median Rent Exceeded $2,000, According to June Dwellsy Data

In June, the nationwide median rent rose to $2,045/mo., based on the data drawn from Dwellsy's inventory of over 641,000 available rentals. This sample represents availability from over 13 million rental properties across the country.

The nationwide median rent increased

After a year of relentless rent increases, June saw median nationwide rent rise above $2,000/mo. for the first time - to $2,045/mo.

Here are the primary rent market stats from Dwellsy's data in the month of June:

  • $2,045: Median asking rent in June across the country
  • 2.5%: 1-month growth in rent vs. $1,995/mo. in May 2022
  • 27.9%: 1-year growth in rent vs. $1,599/mo. in June 2021

"Though we are seeing record rent levels, there is some good news for renters," said Jonas Bordo, Dwellsy's CEO and Co-Founder. "The growth rate for rent increases in June has decreased in comparison to previous months. A 2.5% monthly increase is a big number vs. historical rates of increase, however, the last two months were 3.9% and 3.8%, respectively."

Apartment rent is up 5.4% or $84/mo. In contrast to the last time Dwellsy data showed apartment rent declining (Dec. vs. Nov.), this is a time of year when we would expect seasonal rent increases. Typically, rent moves up during the summer and fall and ebbs in the winter months.  

As in virtually every month for the past year, single-family rentals continue to drive overall market rent increases, with rent for this group increasing by $40/month in June vs. May. Asking rent growth in the past year for single-family rentals is a staggering 35.7% or $605/mo., underlining the degree to which these properties are in demand.  

National Median Asking Rent, by Month and Property Type

Month Single-Family Homes Apartments All Rentals
Jun-21 $ 1,695 $ 1,564 $ 1,599
Jul-21 $ 1,699 $ 1,585 $ 1,600
Aug-21 $ 1,725 $ 1,600 $ 1,650
Sep-21 $ 1,759 $ 1,495 $ 1,649
Oct-21 $ 1,800 $ 1,475 $ 1,600
Nov-21 $ 1,895 $ 1,520 $ 1,630
Dec-21 $ 1,954 $ 1,515 $ 1,670
Jan-22 $ 2,080 $ 1,550 $ 1,750
Feb-22 $ 2,160 $ 1,562 $ 1,820
Mar-22 $ 2,175 $ 1,575 $ 1,850
Apr-22 $ 2,210 $ 1,600 $ 1,920
May-22 $ 2,260 $ 1,650 $ 1,995
Jun-22 $ 2,300 $ 1,648 $ 2,045

About Dwellsy

Dwellsy is a comprehensive residential home rentals marketplace that has more than 13 million residential rental home listings.

For more information, contact Press@Dwellsy.com.

Source: Dwellsy

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Categories: Real Estate Investments, Real Estate, Real Estate, Real Estate Law

Tags: apartments, housing, inflation, landlords, multifamily, rentals, residential real estate, SFR, single-family rentals


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