SANTA CLARA, Calif.,
April 13, 2021 /PRNewswire/ -- After
eight months of consistent slowdowns, rent growth in the nation's
largest housing markets saw its first uptick in March, rising 1.1%
year-over-year, according to the
realtor.com® Monthly Rental Report released today.
Despite the improvement, the rental markets in pricey high-tech
hubs like San Jose, San Francisco and Seattle continue to struggle, creating
opportunities for renters.
In March, the U.S. median rent, which is calculated by averaging
the median rent of the 50 largest metros, averaged $1,463, a 1.1% increase from a year ago. Over the
course of the past eight months, rent growth had slowed from 2.2%
in July 2020 to just 0.6% in
February.
"Although we're still below the 3.2% growth we were seeing
before COVID, average rent growth in the nation's largest housing
markets saw its first uptick since July
2020, and rents are poised to rise at a quickening pace as
recovery continues. However, rents are not rising in all markets.
The tech markets and several big metros like Chicago and Los
Angeles continue to see rent declines, but generally at a
slower pace than in recent months, which could signal a turnaround
in the coming months," said realtor.com® Chief
Economist Danielle Hale.
Hale added that as home prices hit record highs and
interest rates continue to climb, there may be an increased
appetite for rentals as more would-be homebuyers wait for the next
season. Rising demand for rentals could gradually push rents
higher, eventually to pre-COVID levels after some time.
Two ends of the spectrum
For the third month in a row,
New Orleans led the nation in rent
growth, with the median rent up 15.6% year-over-year to
$1,305. Other markets that saw the
median rent increase by double digits were Riverside, Calif., Memphis, Tenn. and Sacramento, Calif. Leading the nation in rent
declines were: San Jose, Calif.,
San Francisco, Seattle, Boston, Los
Angeles and Washington,
D.C.
Markets With the Largest Rent Increases in March 2021
|
Rank
|
Metro
|
Median
Rent
|
Median
Rent YoY
|
|
1
|
New Orleans-Metairie,
La.
|
$1,305
|
15.6%
|
|
2
|
Riverside-San
Bernardino-Ontario, Calif.
|
$1,925
|
13.2%
|
|
3
|
Memphis,
Tenn.-Miss.-Ark.
|
$1,040
|
11.8%
|
|
4
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$1,685
|
11.6%
|
|
5
|
Richmond,
Va.
|
$1,186
|
9.9%
|
|
6
|
Cleveland-Elyria,
Ohio
|
$1,088
|
8.9%
|
|
7
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$1,413
|
8.6%
|
|
8
|
Providence-Warwick,
R.I.-Mass.
|
$1,680
|
8.4%
|
|
9
|
Louisville/Jefferson County,
Ky.-Ind.
|
$999
|
8.0%
|
|
10
|
Rochester,
N.Y.
|
$1,175
|
7.6%
|
Markets With the Largest Rent Decreases in March 2021
|
Rank
|
Metro
|
Median
Rent
|
Median
Rent YoY
|
|
1
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$2,685
|
-14.1%
|
|
2
|
San
Francisco-Oakland-Hayward, Calif.
|
$2,626
|
-10.1%
|
|
3
|
Seattle-Tacoma-Bellevue, Wash.
|
$1,750
|
-9.7%
|
|
4
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$2,295
|
-7.4%
|
|
5
|
Washington-Arlington-Alexandria, D.C.-Va.-
Md.-W.Va.
|
$1,850
|
-6.3%
|
|
6
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$2,489
|
-5.5%
|
|
7
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$1,095
|
-4.4%
|
|
8
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$1,600
|
-3.0%
|
|
9
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$1,425
|
-2.1%
|
|
10
|
Denver-Aurora-Lakewood, Colo.
|
$1,652
|
-1.7%
|
March 2021 Rental Data - 50
Largest Metropolitan Areas
|
Metro
|
Median
Rent
|
Median
Rent YoY
|
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$1,450
|
5.7%
|
|
Austin-Round Rock,
Texas
|
$1,349
|
-1.3%
|
|
Baltimore-Columbia-Towson, Md.
|
$1,569
|
4.9%
|
|
Birmingham-Hoover,
Ala.
|
$999
|
6.3%
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$2,295
|
-7.4%
|
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$1,095
|
-4.4%
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$1,320
|
2.8%
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$1,600
|
-3.0%
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
$1,095
|
6.9%
|
|
Cleveland-Elyria,
Ohio
|
$1,088
|
8.9%
|
|
Columbus,
Ohio
|
$1,075
|
4.9%
|
|
Dallas-Fort
Worth-Arlington, Texas
|
$1,275
|
1.5%
|
|
Denver-Aurora-Lakewood, Colo.
|
$1,652
|
-1.7%
|
|
Detroit-Warren-Dearborn, Mich.
|
$1,145
|
6.0%
|
|
Hartford-West
Hartford-East Hartford, Conn.
|
$1,480
|
5.7%
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
$1,199
|
-0.1%
|
|
Indianapolis-Carmel-Anderson, Ind.
|
$1,055
|
7.5%
|
|
Jacksonville,
Fla.
|
$1,199
|
4.9%
|
|
Kansas City,
Mo.-Kan.
|
$1,059
|
1.0%
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
$1,250
|
5.5%
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$2,489
|
-5.5%
|
|
Louisville/Jefferson County,
Ky.-Ind.
|
$999
|
8.0%
|
|
Memphis,
Tenn.-Miss.-Ark.
|
$1,040
|
11.8%
|
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$1,886
|
-0.7%
|
|
Milwaukee-Waukesha-West Allis, Wis.
|
$1,335
|
-1.4%
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$1,425
|
-2.1%
|
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$1,325
|
1.1%
|
|
New Orleans-Metairie,
La.
|
$1,305
|
15.6%
|
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$2,350
|
2.2%
|
|
Oklahoma City,
Okla.
|
$790
|
-1.0%
|
|
Orlando-Kissimmee-Sanford, Fla.
|
$1,345
|
-1.1%
|
|
Philadelphia-Camden-Wilmington, Pa.-N.J.-
Del.-Md.
|
$1,575
|
4.3%
|
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$1,417
|
5.0%
|
|
Pittsburgh,
Pa.
|
$1,270
|
-0.8%
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$1,500
|
-1.0%
|
|
Providence-Warwick,
R.I.-Mass.
|
$1,680
|
8.4%
|
|
Raleigh,
N.C.
|
.$1,244
|
2.8%
|
|
Richmond,
Va.
|
$1,186
|
9.9%
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
$1,925
|
13.2%
|
|
Rochester,
N.Y.
|
$1,175
|
7.6%
|
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$1,685
|
11.6%
|
|
San Antonio-New
Braunfels, Texas
|
$1,062
|
2.1%
|
|
San Diego-Carlsbad,
Calif.
|
$2,240
|
2.3%
|
|
San
Francisco-Oakland-Hayward, Calif.
|
$2,626
|
-10.1%
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$2,685
|
-14.1%
|
|
Seattle-Tacoma-Bellevue, Wash.
|
$1,750
|
-9.7%
|
|
St. Louis,
Mo.-Ill.
|
$1,075
|
5.9%
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$1,413
|
8.6%
|
|
Virginia
Beach-Norfolk-Newport News, Va.-
N.C.
|
$1,236
|
7.5%
|
|
Washington-Arlington-Alexandria, D.C.-Va.-
Md.-W.Va.
|
$1,850
|
-6.3%
|
Methodology
Rental units include apartment communities
as well as private rentals (condos, townhomes, single-family
homes). All units were studio, one-bedroom, or two-bedroom units.
National rents were calculated by averaging the medians of the 50
largest metropolitan areas.
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Media Contact
Janice
McDill, janice.mcdill@move.com
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SOURCE realtor.com