Rent Keeps Rolling Uphill: 19% Rent Increase in the Past Year, Arizona Tops List

March brought continued substantial rent increases yet again. Key stats, according to Dwellsy’s analysis of 509,911 available rentals:

• $1,850/mo: Median asking rent in March across the country
• 1.6%: 1 month growth in rent (vs. $1,820/mo in Feb 2022 – a 21% annualized run rate for the year)
• 19.4%: 1 year growth in rent vs. $1,550/mo in March 2021
• 30.5%: Median rent as a share of pre-tax median income

That 19.4% increase translates into $300 more in rent expense for renters each month for the same rental last year, across the full market.

Major markets (>1M population) with the highest rent increases in the past year are as follows:

“Most of these markets share a common theme: lots of single-family rental homes and lower cost of living vs. cities like San Francisco and New York,” said Jonas Bordo, CEO and Co-Founder of Dwellsy.

“Over the past two years, single-family rentals have been by far the most in-demand property type as renters look for more space, seek COVID-safe home entry/exit (no elevators!), and trade into markets with lower costs of living,” said Bordo.

In March, single-family rentals continued to bear the brunt of rent increases.  Over the past year, single-family rent has risen 36% from $1,600 in March of 2021 to $2,175 in March of 2022, while apartment rents have risen just 3.6%.

Dwellsy is the marketplace that renters want and deserve, a comprehensive residential home rentals marketplace based on the radical concept that true, organic search in a free eco-system creates more value than the pay-to-play model embraced by all of the current rental listing services. Dwellsy has more than 12 million residential rental home listings, more than any legacy classifieds site—as well as the most diverse set of listings—including single-family rentals, condos, townhouses, and apartments at all price points.