Press release
Realtor.com® August Rental Report: National Rent Growth Hits Double-Digits
The U.S. median rental price increased 11.5% year-over-year in August to $1,607 per month - Two-bedroom (+12.3%) and one-bedroom (+11.6%) rents posted
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[{"type":"text","content":"The U.S. median rental price increased 11.5% year-over-year in August to $1,607 per month\n - Two-bedroom (+12.3%) and one-bedroom (+11.6%) rents posted double-digit gains over last year; studio rents rise 8.3% year-over-year in August\n - Annual rent growth hits double-digits in 28 of the 50 largest U.S. metros, continuing to skyrocket in secondary metros like Tampa (+30.6%) and Riverside, Calif. (+28.6%)\n - Rents still lag behind historical peaks in just four markets, all of which are big tech cities: New York, Boston, San Francisco and San Jose\n\n\nSANTA CLARA, Calif., Sept. 16, 2021 /PRNewswire/ -- The U.S. rental market is booming. Rental prices hit double-digit growth for the first time in two years in August and grew three times faster than in March 2020 (prior to the onset of COVID), according to the Realtor.com® Monthly Rental Report released today. Additionally, rents posted double-digit gains over last year in more than half of the 50 largest metros, led by Tampa (+30.6%), Riverside, Calif. (+28.6%), Miami (+27.0%) and Phoenix (+25.5%).\n\"Put simply, August trends suggest rents are making up for lost time. Rents remained low during some of the worst months of the pandemic, growing at a sub-2% pace from September 2020 to March 2021, which is also when for-sale home prices were growing by double-digits,\" said Realtor.com® Chief Economist Danielle Hale. \"Now we've reached a stage in the COVID recovery where people are ready to move, and we're seeing urgency to find new living spaces immediately. A lot of this demand can be attributed to vaccines opening up offices and city-life, young adults feeling more confident to strike out on their own, and homebuyers needing to take a break from the red hot housing market. And many are willing to pay top dollar to make that happen quickly, which may lead to even more growth in rents over the next few months.\"\nNational rents rise by double-digits as all unit sizes reach new rent highs \nThe U.S. median rental price reached a new high of $1,633 in August as rent growth accelerated to a double-digit pace, up 11.5% year-over-year. Annual rent growth has now tripled since March 2020 (+3.2%) before the pandemic began. \nAll unit sizes tracked by Realtor.com® reached new rental price highs in August: Two-bedrooms at $1,828, one-bedrooms at $1,524 and studios at $1,338. With demand ...