Press release
Realtor.com® May Rental Report: U.S. Rental Prices Reach the Highest Level in Two Years
Monthly rents rise 5.5% year-over-year to an average $1,527 - Rents in 38 of the 50 largest metros hit new peak prices, climbing at an average pace of 9.1%
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[{"type":"text","content":"Monthly rents rise 5.5% year-over-year to an average $1,527\n - Rents in 38 of the 50 largest metros hit new peak prices, climbing at an average pace of 9.1% year-over-year, while declines softened in the biggest U.S. cities\n - Smaller markets lead the national rebound, with Riverside, Calif., Memphis, Tenn., Tampa, Phoenix, and Sacramento, Calif. posting gains of 15% or higher over last year\n - One-bedroom and two-bedroom units saw the highest prices in 27 months, and studio rents increased for the first time in 10 months\n\n\nSANTA CLARA, Calif., June 16, 2021 /PRNewswire/ -- With vaccination rates rising and many U.S. businesses beginning to scale back their remote work policies, the U.S. median rental price hit the highest point in two years in May, surpassing pre-pandemic growth at an increase of 5.5% year-over-year, according to the Realtor.com® Monthly Rental Report released today.\nNationally, the U.S. median rent was $1,527 per month in May. The median rent is now increasing faster than the 3.2% growth seen in March 2020 before the onset of COVID. In addition, one-bedroom and two-bedroom rentals reached new highs in May, while studio rents grew for the first time in ten months. \n\"Led by emerging tech markets and secondary cities, U.S. median rent prices reached the highest level seen in more than two years in May, surpassing pre-COVID levels. More than three-quarters of the 50 largest markets also hit this milestone, with rents climbing at an average pace of 9.1% year-over-year – nearly two-times the overall inflation rate of 5%,\" said Realtor.com® Chief Economist Danielle Hale. \"Highlighting COVID's uneven impact across the U.S., rents continued to decline in the nation's largest metros like Los Angeles and Boston, where May prices were below prior peaks. However, some big cities, San Jose, are making big strides toward recovery, with rents on pace to see new highs later this year.\" \nSmaller tech cities and alternative suburbs lead the national reboundIn May, the U.S. median rent was up 7.5% over the same time in 2019, a more normal period for market comparison. Recent surges have helped erase the slower rent growth that has taken place since March 2020. In 38 of the 50 largest U.S. markets, May rents reached the highest level since March 2019. In these markets, rents were climbing at an average pace of 9.1% ye...