Rental Market Tracker: Growth in Asking Rents Slows for the 1st Time in a Year

by Real estate financingMission+
10 minutes read

Rents rose 15% year over year in April, down from March’s 17% increase. Still, Austin, Portland and South Florida saw rents surge more than 30%.

The median monthly asking rent in the U.S. increased 15% year over year to a record high of $1,962 in April. That’s below March’s 17% increase, marking the first slowdown in a year.

“The fact that rents are growing at a slower pace may be a very early sign that the Fed’s tactic of raising interest rates to quell inflation is working,” said Redfin Chief Economist Daryl Fairweather. “However, rents are still growing at nearly double the rate of overall inflation. Landlords in hot migration destinations like Austin, Portland and South Florida are charging new tenants 30% more than last year’s rent.”

Rental Market Summary April 2022 Month-Over-Month Year-Over-Year
Median Monthly Rent $1,962 1.1% 15.1%

Austin Sees Rents Soar Nearly 50%—the Biggest Increase in the Country

Asking rents surged 46% year over year in Austin, TX—the largest increase on record in any metro area since at least the beginning of Redfin’s rental data in 2019. Portland, OR and south Florida also saw asking rents increase over 30% from a year earlier.

Top 10 Metro Areas With Fastest-Rising Rents Year Over Year

  1. Austin, TX (+46%)
  2. Portland, OR (+33%)
  3. Miami, FL (+31%)
  4. Fort Lauderdale, FL (+31%)
  5. West Palm Beach, FL (+31%)
  6. Seattle, WA (+31%)
  7. New York, NY (+28%)
  8. Newark, NJ (+28%)
  9. Nassau County, NY (+28%)
  10. New Brunswick, NJ (+28%)

Just three of the 50 most-populous metro areas saw rents fall in April from a year earlier. Rents declined 8% in Milwaukee, WI, 4% in Kansas City and 2% in Minneapolis. This was the first annual decline in Redfin’s data for Minneapolis.

Metro Areas Where Rents Declined Year Over Year

  1. Milwaukee, WI (-8%)
  2. Kansas City, MO (-4%)
  3. Minneapolis, MN (-2%)

Median Asking Rents, April 2022

U.S. Metro Area Median Asking Rent Year-Over-Year Change in Median Asking Rent
Anaheim, CA $3,381 10.8%
Atlanta, GA $2,130 20.7%
Austin, TX $2,531 45.9%
Baltimore, MD $2,060 7.1%
Boston, MA $3,780 15.1%
Charlotte, NC $1,775 9.0%
Chicago, IL $2,457 6.4%
Cincinnati, OH $1,599 24.2%
Cleveland, OH $1,411 6.6%
Columbus, OH $1,577 10.5%
Dallas, TX $2,149 24.0%
Denver, CO $2,622 16.5%
Detroit, MI $1,654 12.9%
Fort Lauderdale, FL $3,117 30.6%
Fort Worth, TX $2,149 24.0%
Houston, TX $1,766 12.1%
Indianapolis, IN $1,428 17.3%
Jacksonville, FL $1,647 20.2%
Kansas City, MO $1,456 -3.5%
Las Vegas, NV $1,826 17.2%
Los Angeles, CA $3,381 10.8%
Miami, FL $3,117 30.6%
Milwaukee, WI $1,654 -8.2%
Minneapolis, MN $1,773 -1.8%
Montgomery County, PA $2,331 10.6%
Nashville, TN $2,038 26.4%
Nassau County, NY $3,925 28.0%
New Brunswick, NJ $3,925 28.0%
New York, NY $3,925 28.0%
Newark, NJ $3,925 28.0%
Oakland, CA $3,698 15.9%
Orlando, FL $2,170 26.9%
Philadelphia, PA $2,331 10.6%
Phoenix, AZ $2,245 22.7%
Pittsburgh, PA $1,891 18.8%
Portland, OR $2,491 33.1%
Providence, RI $2,223 3.7%
Riverside, CA $2,657 7.9%
Sacramento, CA $2,740 14.9%
San Antonio, TX $1,457 14.9%
San Diego, CA $3,305 17.9%
San Francisco, CA $3,698 15.9%
San Jose, CA $3,503 14.6%
Seattle, WA $2,933 30.6%
St. Louis, MO $1,566 6.3%
Tampa, FL $2,183 23.6%
Virginia Beach, VA $1,692 16.9%
Warren, MI $1,654 12.9%
Washington, DC $2,614 10.3%
West Palm Beach, FL $3,117 30.6%
National $1,962 15.1%

Methodology

Redfin analyzed rent prices from RentPath across the 50 largest metro areas in the U.S. This analysis uses data from more than 20,000 apartment buildings across the country.

It is important to note that the prices in this report reflect the current costs of new leases and new mortgages during each time period. In other words, the amount shown as the median rent is not the median of what all renters are paying, but the median cost of apartments that were available for new renters during the report month. Currently, Redfin’s data from RentPath includes only median rent at the metro level. Future reports compare median rent prices at a more granular geographic level.

Source

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