Single-Family Home Rents Up 37% Year Over Year According to Dwellsy.com Data
Single-family home rentals drive outsized rent increases across the U.S., raising asking rents by $610/mo or 37% from May 2021 to May 2022.
LOS ALTOS, Calif., June 6, 2022 (Newswire.com) - Single-family rentals continue to be the hottest type of rental for renters across the U.S., pushing rents to the highest levels yet. Persistently high demand and lagging supply for this asset class continue to drive prices up across the nearly 300K available single-family home rentals Dwellsy listed in May.
- $2,260/mo: Median asking rent in May 2022 for single-family home rentals, up 37% vs. $1,650 in May 2021 (Sample size: 298,605 available May rentals)
- $1,650/mo: Median asking rent in May 2022 for apartment rentals, up 6.5% vs. $1,550 in May 2021 (Sample size: 295,287 available May rentals)
For the overall rental market, including both single-family rentals and apartments in Dwellsy's analysis of nearly 594,000 available rental units in May:
- $1,995/mo: Median asking rent in May across the country
- 3.9%: 1-month growth in rent vs. $1,920/mo in April 2022
- 25.9%: 1-year growth in rent vs. $1,585/mo in May 2021
- 36.4%: Median rent as a share of pre-tax median income
Some large single-family-oriented markets have seen some of the highest growth rates in rent, including the following:
|Single Family Home Median Asking Rent,
vs. May 2021
|St. Louis, MO-IL||$1,848||+ 93%|
|Kansas City, MO-KS||$2,260||+ 88%|
|Austin, TX||$3,250||+ 67%|
|Detroit, MI||$1,880||+ 57%|
|Memphis, TN||$2,050||+ 52%|
Dwellsy provides a full list of all single-family markets with rents and market depth each month.
Notable apartment-oriented markets have seen significant rent increases, but they tend to be dramatically smaller than those seen in single-family oriented markets:
Median Asking Rent,
vs. May 2021
|New York, NY||$3,020||+ 16%|
|Boston, MA||$3,000||+ 17%|
|San Jose, CA||$2,795||+ 17%|
|San Francisco, CA||$2,795||+ 14%|
|Miami, FL||$2,700||+ 35%|
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 all of the current rental listing services. Dwellsy has more than 13 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.
For more information, check out our rental data hub or contact Press@Dwellsy.com