Rental prices for single-family homes have skyrocketed to record levels across the U.S., increasing to an average of 7.8 percent in 2021. Apartment rents are up too.
“Of the markets in our analysis, 97.7 percent recorded price increases for one-bedrooms and all markets saw increases for two-bedrooms [100 percent],” the report, issued last month, said. “Nationwide rent prices have increased significantly year-over-year. One- and two-bedroom rents were up 24.4 percent and 21.8 percent, respectively.”
The average rent price for a one-bedroom was $1,684 and $1,997 for a two-bedroom.
The report listed the eight U.S. cities that have seen the largest increase in one-bedroom rent year-over-year. Six of those cities — Orlando, Florida; Huntington Beach, California; Chandler, Arizona; Jersey City, New Jersey; and Amarillo, Texas — have a population of 300,000 or less:
- Long Beach, CA (+56.7 percent)
- Chandler, AZ (+50.8 percent)
- Amarillo, TX (+46.6 percent)
- Huntington Beach, CA (+44.9 percent)
- Jersey City, NJ (+43.6 percent)
- Orlando, FL (+42.4 percent)
- Irvine, CA (+39.2 percent)
- Austin, TX (+36.9 percent)
- Portland, OR (+34.2 percent)
- Mesa, AZ (+30.6 percent)
The report also listed the U.S. cities that saw the greatest increase in two-bedroom rents, and four of those cities — Little Rock, Arkansas; Salt Lake City, Utah; Augusta, Georgia; and Fremont, California — have populations of 300,000 or less:
- Fresno, CA (+71.3 percent)
- Huntington Beach, CA (+55.2 percent)
- Little Rock, AR (+45.0 percent)
- Salt Lake City, UT (+43.2 percent)
- Augusta, GA (+38.7 percent)
- Albuquerque, NM (+38.3 percent)
- Raleigh, NC (+38.2 percent)
- Miami, FL (+36.3 percent)
- Fremont, CA (+34.6 percent)
- San Diego, CA (+34.3 percent)
“Many renters have put their home buying dreams on pause due to increasing home prices and bidding wars,” the report said. “Redfin shared that the median home price jumped 14 percent year-over-year in January while active listings remain low. But renting a home may prove just as hard as some rentals are receiving as many as 20 applications in a single day on the market.”
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