Rents nationwide are rising at a fast pace. The median rent for all sizes of rentals nationwide was $1,607 as of August, representing an increase of 11.5% from a year ago.
Rents nationwide are rising fast, according to a new analysis from Realtor.com. The median rent for all sizes of rentals nationwide was $1,607 as of August, representing an increase of 11.5% from a year ago.
All told, rental prices have seen double-digit percentage growth in 28 of the 50 largest metropolitan areas nationwide, according to Realtor.com. But people’s preferences are shifting as we enter the latest phase of the pandemic, where things are returning closer to normal. People now are interested in finding new, larger spaces to live in, whether or not they’re purchasing a home or renting one.
So where have rents risen the most? Not in the most expensive markets. Only four markets nationwide didn’t see rental prices reach new record highs, and rent growth has yet to fully recover in all of them. These markets: New York, Boston, San Francisco and San Jose, Calif.
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