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- Rents have continued to rise at the fastest pace in decades.
- Number of days on the market remained relatively flat, showing strong demand for rental properties persists.
- Sunshine states led the nation in highest median rent prices for the first half of 2022.
- Industrial Midwest states reported some of the lowest median rent prices in the first half of 2022.
HouseCanary Inc., a national brokerage known for its real estate valuation accuracy, today released its first National Rental Report, comparing data from first half of 2021 and the first half of 2022.
The report explores trends shaping the U.S. rental market for single-family detached listings, including price and supply shifts across the nation’s top metropolitan statistical areas (MSA).
The company tracks listing volume for new listings and median listing price information for 46 states and 142 individual MSAs. The data in the latest rental report represents an aggregation and summary of all single-family detached listing records between January 2021 and June 2022.
Among the major findings was that rent prices experienced a double-digit increase. Rents have continued to rise at the fastest pace in decades. At the close of the first half of 2022, the average national rent was $2,495, a 13.4% increase from the same period in 2021.
Number of days on the market remained relatively flat, showing strong demand for rental properties persists. By the end of the first half of 2022, rentals were on the market for an average of 21 days compared to 20 days at the end of the first half of 2021. The continual fluctuation in days on the market paired with the consistent increase in price indicates that while the market might be cooling, demand has not yet subsided across much of the country.
Sunshine states led the nation in highest median rent prices for the first half of 2022. MSAs in California and Florida comprise 80% of the 109 highest monthly rents across the country with the Los Angeles-Long Beach-Anaheim, CA, taking the top spot at an average price of $4,664 per month.
Meanwhile, industrial Midwest states reported some of the lowest median rent prices in the first half of 2022. Ohio MSAs had four of the 10 lowest monthly rents in the country, with other states in the region including Michigan, Indiana, Illinois, and Wisconsin rounding out the list.
Southern coastal regions remain popular. During the pandemic, cities in Florida and Georgia became some of the hottest emerging real estate markets in the U.S., boosted by remote work and sunny weather. The latest report from HouseCanary shows that trend is continuing.