LOS ALTOS, Calif., February 3, 2022 (Newswire.com) - Rent prices continued aggressive growth in January, with median asking rent up 4.8% vs. December.
"In any normal year, a 4.8% rent increase would be substantial for the full year. To see that in a single month is shocking," said Jonas Bordo, CEO and co-founder of Dwellsy.
On top of already significant rent increases in 2021, the total rent increase since January 2021 now tops 16%. That's an extra $245 that renters now need to come up with each month in order to make their rent payments.
This analysis is based on Dwellsy's industry-leading data, which draws from over 12 million rental homes and apartments. In January, Dwellsy analyzed data for more than 437,000 available rentals in over 400 markets across the U.S.
"Single-family homes continue to be most in demand, and they're driving rent increases overall," said Bordo. "A year ago, a median single-family rental was roughly the same price as an apartment, but the two have diverged. Single-family home rents are now over $2,000/mo. (up 35%) while apartment rents are only up 3.3%."
Key takeaways from Dwellsy's January 2022 data release:
- Rent nationwide is up 16.3% in the past year to $1,750/mo. from $1,505/mo.
- Rent for single-family homes has driven most of the increase, gaining 35% or $535/mo. during the same period
- Apartment rents were up 3.3% in the past year; a $50/mo. increase
Amongst large cities, those with the highest rents were:
|Rank||City||January 2022 Rent||vs. January 2021|
|1||Boston, MA||$2,876||+ 15.0%|
|2||San Francisco, CA||$2,750||+ 14.6%|
|3||Miami, FL||$2,740||+ 30.5%|
|4||San Jose, CA||$2,702||+ 9.2%|
|5||New York, NY||$2,500||+ 3.6%|
|6||San Diego, CA||$2,450||+ 25.7%|
|7||Los Angeles, CA||$2,395||+ 9.1%|
For more details, visit Dwellsy's rental market data hub.
About Dwellsy Data
As the largest and most inclusive rental marketplace, Dwellsy has a representative sample of asking rents, and our analysis reflects the actual experience of renters searching for a new rental in a given time period. Most other housing market datasets are focused only on premium multifamily units and have to use complex statistical modeling techniques based on data from several years ago in their attempts to replicate Dwellsy's data.
Dwellsy is the marketplace that renters want and deserve, a comprehensive residential home rentals marketplace based on the radical concept that true, organic search in a free eco-system creates more value than the pay-to-play model embraced by old rental listing services. Dwellsy has more than 12 million residential rental home listings, more than any legacy classifieds site — as well as the most diverse set of listings — including single-family rentals, condos, townhouses, and apartments at all price points.
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