For the first time ever, rents have risen to $2,000 across the United States.
Median Listed Rent for Apartment Above $2,000
“Housing is getting less affordable for everyone at every level,” according to Daryl Fairweather, Chief Economist for Redfin. “Rents are going up just as fast as home prices are.”
In May, for the first time ever, the median monthly rent in this country for a typical, available apartment, if there is an available to be found, exceeded $2,000. The exact median rent was $2,002.
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Taylor Marr, deputy chief economist with Redfin, said, “More people are opting to live alone, and rising mortgage interest rates are forcing would-be homebuyers to keep renting. These are among the demand-side pressures keeping rents sky-high. While renting has become more expensive, it is now more attractive than buying for many Americans this year as mortgage payments have surpassed rents on many homes. Although we expect rent-price growth to continue to slow in the coming months, it will likely remain high, causing ongoing affordability issues for renters.”
While typical rents nationwide increased +15% y/y in May, there are metros where rental prices are much higher.
Top 10 Metros with Fastest-Rising Rents Y/Y
- Austin TX – +48%
- Nashville TN – +32%
- Seattle WA – +32%
- Cincinnati OH – +32%
- Miami FL – +29%
- Fort Lauderdale FL – +29%
- West Palm Beach FL – +29%
- New York NY – +24% where median rent hit $4,000 in May
- Nassau County NY – +24%
- New Brunswick NJ – +24%
Metro Areas Where Rents Declined Y/Y in May
Only three of the 50 most populous metro areas in the country saw rent prices decline in May.
- Milwaukee WI – -10%
- Kansas City MO – -2.9%
- Minneapolis MN – -2.8%
An additional data point to keep in mind…mortgage applications to buy a home are -21% lower y/y as rising interest rates (now 5.49%) continue to price more would-be homebuyers out of the market.
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Thanks to Redfin and National Public Radio.
