Press release
Realtor.com® December Rental Report: Rental Market Wraps Up 2021 with Price Growth That's 5.3 Times Faster than in 2020
The national median rental price reached $1,781 per month in December, bringing 2021 annual rent growth to an average of 10.1% versus 1.9% in 2020 SANTA
About this update from News Corporation
[{"type":"text","content":"The national median rental price reached $1,781 per month in December, bringing 2021 annual rent growth to an average of 10.1% versus 1.9% in 2020\n\n\nSANTA CLARA, Calif., Jan. 26, 2022 /PRNewswire/ -- New data shows national rents grew five times faster in 2021 than in 2020, on average, according to the Realtor.com® Monthly Rental Report released today. In December, rents notched the sixth straight month of double-digit yearly increases nationwide and surged in the majority of large metros, led by Miami, Tampa, Fla. and Orlando with gains of more than 34% each. \n\"On average in 2021, national rents were more than 10% higher than in 2020. As our December report further illustrates, this average understates the wild ride that the rental market, and many renters, experienced in 2021. Rents started the year roughly flat and gained incredible momentum throughout the year, hitting double-digit yearly pace by summer and continuing to surge through December,\" said Realtor.com® Chief Economist Danielle Hale. \"While yearly growth is still strong, monthly growth cooled in December, which is typical for this time of year and not expected to last. With rents already at a high and expected to keep going up, rental affordability will increasingly challenge many Americans in 2022. For those thinking about making the transition from renting to buying their first home, rising rents will remain a motivating factor even as for-sale home prices and mortgage rates continue to climb.\"\n2021 Realtor.com® Rental Metrics – National \nUnit Size\nDec. 2021 Median Rental Price\nDec. 2021 Rent Change Over 2020\nAverage 2021 Rent Change Over 2020\nAverage 2020 Rent Change Over 2019\nOverall\n$1,781\n19.3%\n10.1%\n1.9%\nStudio\n$1,462\n18.6%\n6.1%\n-0.7%\n1-bed\n$1,651\n19.3%\n10.0%\n1.9%\n2-bed\n$2,003\n19.1%\n11.7%\n3.7%\nThe Streak Continues: U.S. rents hit sixth straight months of double-digit growth Largely attributed to winter seasonality, the U.S. median rental price posted a smaller monthly gain in December compared to earlier in 2021. However, December rental trends also reflect a shift in demand towards smaller rental units common to major metropolitan centers. For instance, two-bedroom rents posted monthly declines for the first time since November2020 in December, after skyrocketing earlier in 2021 as workplace flexibility enabled some big ci...