Average rents have increased more than +10% between Q1 2020 and Q3 2021.  Some metros, however, are experiencing much higher rent hikes.

Rent Hikes of +10% Prevalent in Most Metros

According to data from RealPage Inc. that was analyzed by The Business Journal, rent hikes averaging +10% have occurred between Q1 2020 to Q3 2021 in metros throughout the country.

Some rental markets have been seeing rent hikes over +20% during the past year.  Housing analysts are expecting rent growth to accelerate even more in Q4 2021 and early 2022 while also indicating that this current pace of rent hikes is simply not sustainable, according to The Business Journal.

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 10 Metros Experiencing Steepest Rent Hikes

The Business Journal analyzed 50 metros (initially tracked by RealPage) to determine the 10 metros in the country where rent growth has increased the fastest.  Take a look:

  1. Phoenix-Mesa-Scottsdale AZ
    1. Rental rate change since Q1 2020: +26.2%
    2. Q3 2021 rental rate: $1,527/month
  2. Tampa-St. Petersburg-Clearwater FL
    1. Rental rate change since Q1 2020: +23.7%
    2. Q3 3031 rental rate: $1,556/month
  3. Jacksonville FL
    1. Rental rate change since Q1 2020: +23%
    2. Q3 2021 rental rate: $1,353/month
  4. Riverside-San Bernardino-Ontario CA
    1. Rental rate change since Q1 2020: +22.6%
    2. Q3 2021 rental rate: $1,950/month
  5. Las Vegas-Henderson-Paradise NV
    1. Rental rate change since Q1 2020: +22.5%
    2. Q3 2021 rental rate: $1,366/month
  6. Salt Lake City-Ogden-Clearfield UT
    1. Rental rate change since Q1 2020: +19.8%
    2. Q3 2021 rental rate: $1,413/month
  7. Sacramento-Roseville-Arden-Arcade CA
    1. Rental rate change since Q1 2020: +19.8%
    2. Q3 2021 rental rate: $1,821/month
  8. Atlanta-Sandy Springs-Roswell GA
    1. Rental rate change since Q1 2020: +19.7%
    2. Q3 2021 rental rate: $1,522/month
  9. Fort Lauderdale-Pompano Beach-Deerfield FL
    1. Rental rate change since Q1 2020: +19.5%
    2. Q3 2021 rental rate: $1,975/month
  10. Greensboro-Winston-Salem NC
    1. Rental rate change since Q1 2020: +19.2%
    2. Q3 2021 rental rate: $1,043/month

Thanks to The Business Journal and RealPage.

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