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In September, the U.S. median rental price ($1,759) posted its smallest year-over-year increase (+7.8%) since last summer and further declined from its July 2022 peak (-$22)
SANTA CLARA, Calif., Oct. 13, 2022 /PRNewswire/ -- September data confirms a fall cooldown has come to the rental market, as national rent growth dropped to its lowest annual pace (+7.8%) since June 2021, according to the Realtor.com® Monthly Rental Report released today. In another sign of more typical seasonal moderation than last year, the U.S. median rental price posted its second month-over-month decline in eight months in September, further slipping from its July peak.
"After more than a year of double-digit yearly rent gains and nearly as many months of record-high rents, it's especially important to see consistency before we confirm a major shift like the recent rental market cooldown. But September data provides that evidence, as national rents continued to pull back from their latest all-time high registered just two months ago," said Realtor.com® Chief Economist Danielle Hale. "This return of more seasonal norms indicates that rental markets are charting a path back toward a more typical balance between supply and demand, compared to the previous year. We expect rent growth to keep slowing in the months ahead, partly driven by the impact of inflation on renters' budgets. However, it's unlikely that rents will return to a more normal pre-COVID pace of growth for at least another year, when available rental inventory starts to reflect the recent uptick in multifamily new construction."
September 2022 Rental Metrics – National
Unit Size | Median Rent | Change over Sept. 2021 | Change over Sept. 2020 |
Overall | $1,759 | 7.8 % | 22.8 % |
Studio | $1,483 | 10.1 % | 22.8 % |
1-bed | $1,647 | 7.7 % | 23.0 % |
2-bed | $1,941 | 6.4 % | 22.4 % |
September marked the second straight month of consistent moderation in national rents, in terms of both the annual growth rate remaining in single-digit territory and continued month-over-month price declines. These trends are mirroring the earlier shift in for-sale housing, suggesting that the rental market is following similar patterns of more typical seasonal cooling as part of the real estate refresh from the 2021 frenzy. However, like this year's homebuyers, renters are still facing significantly higher housing costs than in prior years, with national rents for all unit sizes at more than 1.2 times their 2020 levels in September. As a result, rental affordability remains a significant challenge, especially as inflation continues to outpace wage growth.
Just as September's national rental trends reflected a shift toward relatively normal patterns, local rental markets showed a return to more typical activity. On the one hand, many Sun Belt metros showed substantial signs of yearly rental growth moderation in September, a marked reversal from the area's dramatic rent increases during the pandemic. On the other hand, urban rents are making up for lost time from their COVID slowdown as more Americans once again embrace downtown offices and lifestyles. In fact, big tech cities were among the only large markets to post double-digit annual rent gains in September.
"Realtor.com®'s September data highlights the true extent of the rental market boom that has taken place over the past three years, and underscores the prevalence of rental affordability challenges faced by many Americans today. Recent surveys we've conducted at Avail also show that higher housing costs are a significant financial strain for many renters and landlords, at a time when inflation is driving up prices across the board," said Ryan Coon, VP of Rentals at Realtor.com® and Co-Founder of Avail (part of Realtor.com®). "In some good news for renters – and further evidence that the rental cooldown will continue – many surveyed landlords indicate that they are adjusting their pricing strategies to account for tenants' tighter budgets."
September 2022 Rental Metrics – 50 Largest U.S. Metro Areas
Metro | Overall Median Rent | Overall Rent YY | Studio Median Rent | Studio Rent YY | 1-br Median Rent | 1-br Rent YY | 2-br Median Rent | 2-br Rent YY |
$1,749 | 2.4 % | $1,711 | 7.5 % | $1,648 | 2.2 % | $1,908 | 1.9 % | |
$1,725 | 5.3 % | $1,450 | 10.3 % | $1,570 | 3.2 % | $1,906 | 4.4 % | |
$1,779 | 4.7 % | $1,577 | 5.5 % | $1,695 | 4.9 % | $1,907 | 5.6 % | |
$1,181 | 6.6 % | $948 | -10.2 % | $1,114 | 4.5 % | $1,254 | 8.3 % | |
$2,996 | 19.9 % | $2,783 | 27.3 % | $2,785 | 16.4 % | $3,343 | 21.4 % | |
$1,276 | 6.8 % | $848 | 2.7 % | $1,199 | 12.1 % | $1,500 | 8.3 % | |
$1,632 | 6.3 % | $1,572 | 12.2 % | $1,512 | 6.7 % | $1,774 | 5.5 % | |
$2,045 | 23.9 % | $1,746 | 51.8 % | $2,017 | 26.1 % | $2,242 | 18.0 % | |
$1,303 | 9.3 % | $1,184 | 9.6 % | $1,230 | 8.2 % | $1,351 | 6.5 % | |
$1,243 | 9.8 % | $895 | 11.9 % | $1,180 | 9.8 % | $1,349 | 10.1 % | |
$1,293 | 9.5 % | $1,091 | 9.2 % | $1,220 | 9.5 % | $1,355 | 6.1 % | |
$1,596 | 8.8 % | $1,409 | 11.0 % | $1,479 | 9.4 % | $1,890 | 7.9 % | |
$1,966 | 4.1 % | $1,657 | 4.2 % | $1,834 | 3.6 % | $2,262 | 3.8 % | |
$1,308 | 8.4 % | $1,141 | 14.7 % | $1,166 | 11.3 % | $1,446 | 6.3 % | |
$1,689 | 9.6 % | $1,276 | 5.7 % | $1,523 | 6.8 % | $1,821 | 4.7 % | |
$1,376 | 5.7 % | $1,337 | 5.0 % | $1,270 | 5.8 % | $1,532 | 4.7 % | |
$1,263 | 8.5 % | $1,126 | 12.3 % | $1,193 | 10.7 % | $1,338 | 2.9 % | |
$1,490 | 4.0 % | $1,424 | 31.1 % | $1,409 | 3.9 % | $1,593 | 1.3 % | |
$1,308 | 11.2 % | $995 | 7.9 % | $1,214 | 10.8 % | $1,501 | 10.8 % | |
$1,531 | -0.2 % | $992 | 10.2 % | $1,408 | -0.6 % | $1,631 | -3.0 % | |
$2,939 | 8.0 % | $2,346 | 11.8 % | $2,711 | 6.8 % | $3,418 | 6.4 % | |
$1,131 | 9.6 % | $979 | 10.3 % | $1,056 | 7.6 % | $1,246 | 7.9 % | |
$1,301 | 6.4 % | $1,199 | 9.0 % | $1,292 | 7.6 % | $1,288 | 1.0 % | |
$2,590 | 13.2 % | $2,292 | 19.1 % | $2,314 | 13.3 % | $2,888 | 10.8 % | |
$1,525 | 7.6 % | $1,207 | 9.8 % | $1,423 | 8.5 % | $1,711 | 3.2 % | |
$1,559 | 3.6 % | $1,218 | 1.5 % | $1,466 | 2.5 % | $1,873 | 2.3 % | |
$1,710 | 8.8 % | $1,625 | 4.3 % | $1,636 | 8.1 % | $1,754 | 9.1 % | |
$1,319 | 1.5 % | NA* | ||||||
$2,838 | 18.2 % | $2,612 | 21.5 % | $2,523 | 13.0 % | $3,124 | 14.2 % | |
$961 | 13.8 % | $819 | 17.0 % | $893 | 18.3 % | $1,009 | 12.7 % | |
$1,790 | 8.3 % | $1,583 | 8.9 % | $1,692 | 9.2 % | $2,001 | 8.0 % | |
$1,741 | 6.1 % | $1,442 | 14.0 % | $1,674 | 5.4 % | $1,885 | 2.6 % | |
$1,638 | 0.2 % | $1,292 | 1.4 % | $1,537 | 1.1 % | $1,776 | -1.9 % | |
$1,513 | 7.7 % | $1,359 | 10.9 % | $1,477 | 7.4 % | $1,598 | 3.6 % | |
$1,833 | 7.2 % | $1,470 | 5.0 % | $1,764 | 6.4 % | $2,043 | 5.9 % | |
$2,043 | 16.7 % | NA* | ||||||
$1,611 | 7.4 % | $1,515 | 10.1 % | $1,507 | 8.3 % | $1,791 | 8.0 % | |
$1,406 | 8.3 % | $1,265 | 16.3 % | $1,326 | 12.9 % | $1,554 | 7.1 % | |
$2,112 | -1.0 % | $1,179 | -19.9 % | $1,884 | -0.6 % | $2,421 | 0.0 % | |
$1,301 | 8.7 % | $1,041 | 18.9 % | $1,211 | 10.4 % | $1,487 | 12.2 % | |
$1,921 | -0.1 % | $1,683 | -2.5 % | $1,791 | -0.5 % | $2,048 | 0.6 % | |
$1,293 | 7.5 % | $1,064 | 2.7 % | $1,219 | 7.7 % | $1,471 | 6.3 % | |
$2,868 | 8.4 % | $2,293 | 7.8 % | $2,668 | 6.9 % | $3,134 | 6.7 % | |
$3,126 | 8.1 % | $2,651 | 10.9 % | $2,840 | 5.0 % | $3,566 | 6.1 % | |
$3,333 | 10.7 % | $2,695 | 10.2 % | $3,106 | 11.6 % | $3,723 | 9.7 % | |
$2,187 | 4.7 % | $1,817 | 8.5 % | $2,158 | 3.2 % | $2,512 | 5.7 % | |
$1,215 | 5.9 % | $973 | 3.3 % | $1,169 | 5.3 % | $1,285 | 5.3 % | |
$1,755 | -0.3 % | $1,607 | 1.3 % | $1,669 | 1.1 % | $1,888 | -3.1 % | |
$1,415 | 4.3 % | $1,364 | 19.1 % | $1,383 | 4.8 % | $1,421 | -2.0 % | |
$2,202 | 7.3 % | $1,795 | 6.7 % | $2,102 | 6.6 % | $2,537 | 5.9 % | |
*Unit-specific metrics for New Orleans and Providence, R.I. excluded while rental data is under review.
MethodologyRental data as of September 2022 for units advertised as for-rent on Realtor.com®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest U.S. metropolitan areas, as defined by the Office of Management and Budget (OMB). Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history going back to March 2019.
About Realtor.com®Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com® .
Media Contactpress@realtor.com
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SOURCE Realtor.com
