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REALTOR.COM'S MARCH RENTAL REPORT: U.S. RENTAL PRICES SOAR BY NEARLY 20% IN JUST TWO YEARS
Realtor.com reports:

Santa Clara, CA - U.S. rental prices grew by nearly 20% from March 2020 to 2022 during the pandemic, according to the Realtor.com Monthly Rental Report released today. Additionally, two-year rental trends indicate some redistribution of higher rents across the 50 largest markets during COVID, as renters migrated from expensive big tech cities to relatively more affordable areas.

Sun Belt metros topped the list of fastest-growing rental markets from March 2020-2022, led by Miami, Riverside, Calif. and Tampa, Fla., while big tech hubs posted many of the country's smallest two-year rent gains.

"With asking rents nearly 1.2 times higher than two years ago, our March data highlights rising rental affordability challenges faced by many Americans today," said Realtor.com Chief Economist Danielle Hale. "At the same time, March rental trends offer early signs of relief from the feverish pace of rent growth, which moderated year-over-year for the second month in a row.

"We expect cooling to continue over time, but the jury is still out on whether rent growth will hit single-digits by the end of 2022. This is largely due to the mismatch between rental supply, with vacancy rates at record-lows, and demand rising as some would-be buyers potentially turn to renting in the face of higher home prices and mortgage rates. While the jobs market is strong, it's unlikely that we'll see enough income growth to keep rents under 30% of monthly paychecks - especially with higher inflation and everyday costs. Still, there is a silver lining for renters, as rents won't be able to sustain an accelerated pace if incomes can't keep up."

To view the complete report, click here.


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