Average monthly asking rents increased 15.2% in January to $1,891.

Moving Expensive for Renters & Buyers

Average monthly asking rents nationwide increased 15.2% in January.  This 15.2% in asking monthly rents translated into $1,891.

Meanwhile, the national median monthly mortgage payment jumped +25% in January.  This +25% increase translated into $1,595.

Either way you look at it, moving isn’t cheap for anyone.

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Redfin Chief Economist Daryl Fairweather said, “Moving right now is expensive, whether you’re renting or buying.  One of the only ways to avoid high housing costs is to move somewhere cheaper, but the list of places that are truly inexpensive is shrinking.  Rising mortgage rates are squeezing more Americans out of the for-sale market, which will likely put increasing pressure on rents in the coming months.”

Top Metros with Fastest-Rising Rents Y/Y – January 2022

  1. Portland OR – +39%
  2. Austin TX – +35%
  3. Newark NJ – +33%
  4. Nassau County NY – +33%
  5. New York NY – +33%
  6. New Brunswick NJ – +33%
  7. Tampa FL – +31%
  8. Fort Lauderdale FL – +31%
  9. West Palm Beach FL -+31%
  10. Miami FL – +31%%

Metros Where Rents Dropped Y/Y – January 2022

  1. Kansas City MO – -4%
  2. Milwaukee WI – -4%

Note that in San Francisco, where pre-pandemic rents were the highest in the country and now, the slowest to rebound after being the hardest hit by the pandemic, rents increased +18.8% in January 2022.

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Thanks to Redfin.


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