In the past year, rent has gone up 17.5% to $1,820/mo, according to data from Dwellsy. Renters now need to spend an extra $3,250 per year on rent vs. this time last year.
“At $1,820 in rent per month, the median renter household with a median rental is spending 52% of their (pre-tax) income on rent,” said Jonas Bordo, CEO and Co-Founder of Dwellsy. “That’s a shockingly high and growing burden for these households.”
Overall statistics, however, mask a dramatic difference between the market for single-family rentals and apartment rentals. Single-family home rentals have seen the majority of rent increases in the past year.
Single-Family Rentals Apartment Rentals
Median Rent, February 2022 $2,160 $1,600
Rent Increase vs. 1 Year Ago + 35.0% + 3.4%
This analysis is based on Dwellsy’s industry-leading data set, which draws from over 12 million rental homes and apartments. In January, Dwellsy analyzed data for more than 446,000 available rentals in over 400 markets across the U.S.
Amongst large cities, those with the highest rents were:
Rank City Feb 2022 Rent vs. Feb 2021
1 Boston, MA $2,906 + 14.0%
2 San Francisco, CA $2,795 + 12.0%
3 San Jose, CA $2,750 + 10.9%
4 New York, NY $2,686 + 7.5%
5 Miami, FL $2,675 + 33.8%
6 Los Angeles, CA $2,500 + 13.1%
7 San Diego, CA $2,491 + 25.1%
For more details and full data sets, visit Dwellsy’s rental market data hub.
About Dwellsy Data
As the largest and most inclusive rental marketplace in the country, Dwellsy has a representative sample of asking rents, and our analysis reflects the actual experience of renters searching for a new rental in a given time period. Most other housing market datasets are focused only on premium multifamily units and have to use complex statistical modeling techniques based on data from several years ago in their attempts to replicate Dwellsy’s data.
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
Source : https://www.newswire.com/news/rent-inflation-strikes-again-dwellsy-data-shows-rent-increases-by-17-5-21648358