So far this year, rents are increasing more slowly than they did in 2021. On the other hand, rents are increasing faster than they were pre-pandemic.
Key Highlights from June 2022 ApartmentList National Rent Report
Just released highlights from the June 2022 ApartmentList National Rent Report include:
- Rents growing more slowly than in 2021 but faster than in years immediately before the pandemic
- Over first 5 months of 2022, rents increased total of +3.9%, down from increase of +6.1% over same months in 2021
- Rent growth stands at +15.3% y/y, down slightly from peak of +17.8% at beginning of 2022
- National vacancy index currently stands at 5%, below pre-pandemic norm but up from low of 4.1%
- Rents increased in 96 of nation’s 100 largest cities in June
- Some of hottest Sun Belt markets now showing signs of plateauing rental growth.
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Ten Metro Areas with Fastest Rent Growth
Past 6 Months Past 12 Months Since 3/ 2020
1. San Jose +7% Miami +28% Tampa +40%
2. New Orleans +7% Orlando +26% Riverside +37%
3. Orlando +7% Tampa +24% Miami +36%
4. New York +7% Nashville +21% Tucson +35%
5. San Diego +6% San Diego +20% Rochester+35%
6. Miami +6% Tucson +20% Las Vegas +34%
7. Louisville +6% Louisville +20% Phoenix +34%
8. Salt Lake +6% Austin +19% Jacksonville+31%
9.Dallas +6% Las Vegas +19% Orlando +31%
10. Nashville +6% New York +19% Memphis +29%
Metros such as San Jose, New Orleans, Louisville, Salt Lake City and Dallas that were not among the hottest markets in the earlier phases of the pandemic are now appearing to see their respective rent growth levels heating up.
Slowest Metro-Level Rent Growth
Only San Francisco continues to lag behind pre-pandemic rent levels. Though slight, rents remain -3% below where they were, however, rents in the City By the Bay are projected to soon catch up.
Past 6 Months Past 12 Months Since 3/ 2020
- Las Vegas +0% Minneapolis +6% San Francisco -3%
- Jacksonville +0% Pittsburgh +8% San Jose +1%
- Phoenix +1% San Francisco +9% Minneapolis+4%
- Atlanta+1% St. Louis +10% Washington +8%
- Baltimore +1% Kansas City +10% Chicago +11%
- Sacramento +2% Detroit +10% Seattle +12%
- Virginia Beach+2 Sacramento +10% Houston +12%
- Pittsburgh+2% Baltimore +10% Pittsburgh+12%
- Philadelphia+2% Houston +11% Boston +13%
- Portland +2% Milwaukee +11% St. Louis +13%
Interestingly, the three metros that have seen the slowest growth over the past six months – Las Vegas, Jacksonville and Phoenix – are among the 10 fastest growing markets over the course of the pandemic. Now, after consistently booming for two years, these markets are showing signs of plateauing rent growth.
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Thanks to ApartmentList.