(NEXSTAR) — Are you looking to rent instead of buying a home during the hot housing market? You may not find much relief: Since March 2020, the national average rent has jumped nearly 20%, according to a new rental report released Thursday.
Last month marked the eighth in a row in which rent growth has reached double-digits, Realtor.com found. The average rent for the nation’s 50 largest metros even reached a new high at $1,807. That marks a year-over-year average rent increase of 17%.
While rent in many of the largest metros has risen relatively as much as the national average, some have been hit harder than others.
Among those is the Miami-Fort Lauderdale-West Palm Beach, Fla., area, where rent has spiked by more than 57% since March 2020, Realtor.com’s report shows. Hardly any other market was hit as hard. Two other Florida markets — Orlando-Kissimmee-Sanford and Tampa-St. Petersburg-Clearwater — saw the closest rates of change in the average rent price at 35% and 31%, respectively.
Despite having the greatest year-over-year change in rent, none of the above have the highest overall median rent. That title belongs, unsurprisingly, to a metro in another sunny state: California.
Among the 50 metros evaluated, just three have overall median rents at $3,000 a month or more, and they’re all in California. San Jose-Sunnyvale-Santa Clara has the highest at $3,075. Close behind are San Diego-Carlsbad at $3,016 and Los Angeles-Long Beach-Anaheim at $3,000. (Miami-Fort Lauderdale-West Palm Beach isn’t far behind with a median rent of $2,988.)
Of the top 10 metros with the highest rent prices, seven are either in California or Florida. Of the 10 markets that have seen the largest year-over-year increase in rent, eight are within traditionally warmer states (Arizona, California, Florida, Nevada, and Texas).
On the other end, Detroit-Warren-Dearborn is the only metro to report a year-over-year rent increase of less than 1% with 0.70%. The next closest rate is that of a fellow Midwestern metro — Minneapolis-St. Paul-Bloomington — at 5.3%.
Overall, cities within the Midwest and the Rust Belt — Minnesota south to Missouri and Illinois, then east along the Great Lakes to Pennsylvania, West Virginia, and New York — have seen the smallest increase in rent prices since the start of the COVID-19 pandemic. That includes Cleveland, Cincinnati, Philadelphia, Milwaukee, and St. Louis, all of which have seen rent prices rise by less than 10%. Of the 25 metros where rent has increased by less than 15% since March 2020, 14 are in the Midwest and Rust Belt.
Oklahoma City, Okla., has the lowest median rental rate at just $943 — and it’s the only metro with a median rental rate that doesn’t surpass $1,000. Metros in the Midwest and Rust Belt widely have the lowest median rents, making up 14 of the 25 least expensive metros.
Here’s the full list of rent changes since March 2020, courtesy of Realtor.com:
|Metro||Overall Median Rent||Overall Rent YY|
|Atlanta-Sandy Springs-Roswell, GA||$1,822||18.80%|
|Austin-Round Rock, TX||$1,777||25.90%|
|Buffalo-Cheektowaga-Niagara Falls, NY||$1,293||9.50%|
|Dallas-Fort Worth-Arlington, TX||$1,629||21.20%|
|Hartford-West Hartford-East Hartford, CT||$1,625||8.70%|
|Houston-The Woodlands-Sugar Land, TX||$1,430||14.40%|
|Kansas City, MO-KS||$1,221||11.00%|
|Las Vegas-Henderson-Paradise, NV||$1,623||25.10%|
|Los Angeles-Long Beach-Anaheim, CA||$3,000||20.20%|
|Louisville/Jefferson County, KY-IN||$1,198||13.30%|
|Miami-Fort Lauderdale-West Palm Beach, FL||$2,988||57.20%|
|Milwaukee-Waukesha-West Allis, WI||$1,515||8.60%|
|Minneapolis-St. Paul-Bloomington, MN-WI||$1,572||5.30%|
|New Orleans-Metairie, LA||$1,800||15.20%|
|New York-Newark-Jersey City, NY-NJ-PA||$2,750||14.60%|
|Oklahoma City, OK||$943||10.90%|
|Riverside-San Bernardino-Ontario, CA||$2,687||13.90%|
|San Antonio-New Braunfels, TX||$1,389||22.30%|
|San Diego-Carlsbad, CA||$3,016||24.80%|
|San Francisco-Oakland-Hayward, CA||$2,982||11.40%|
|San Jose-Sunnyvale-Santa Clara, CA||$3,075||17.10%|
|St. Louis, MO-IL||$1,310||9.20%|
|Tampa-St. Petersburg-Clearwater, FL||$2,114||31.10%|
|Virginia Beach-Norfolk-Newport News, VA-NC||$1,524||15.10%|
There is a bit of relief for renters, though. According to Realtor.com, the rate at which rent prices are growing is slowing and has remained in the same range since January.