Home Rents on the Rise: Double-Digit Increases in 52% of U.S. Cities

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Feb 02, 2023, 13:15 ET

BOSTON, Feb. 2, 2023 /PRNewswire/ -- Rentometer has released their Q4 2022 rent statistics for three-bedroom (3-BR) houses that are single-family rentals (SFRs). Rentometer collects data for all residential asset classes, but this report is focused on SFR because they are one of, if not the most, active residential rental asset classes today.

Rentometer's president, Mike Lapsley, commented that "we have increased our coverage and monitoring of the SFR market as the activity and interest in this particular market has escalated over the last few years."

The real estate market experienced high fluctuation across the U.S in 2022. With mortgage rates at the highest level since 2002, housing supply remaining near historic lows, and home prices continuing to increase, rental housing remains an attractive option to those not ready to transition into home ownership.

The Q4 '22 report covers 242 cities that had at least 25 data points for Q4 '21 and Q4 '22. It includes an analysis on year-over-year change in average rent prices by city for the fourth quarter.

Highlights from the report are as follows:

96% of the 242 cities experienced year-over-year rent increases
52% of the 242 cities experienced double digit year-over-year rent increases, which is down from 75% last quarter

Some notable markets with increasing average rents over the past year are Orlando, FL (+21%), Austin, TX (+14%), and Los Angeles, CA (+13%). Other notable markets with decreasing average rents are La Quinta, CA (-18%), Fishers, IN (-10%) and Kirkland, WA (-5%).

Download the full report from Rentometer to view the complete list of updated rent data.

About Rentometer, Inc.

Rentometer collects, analyzes, and distributes multifamily and single-family rental price data throughout the U.S. Our rental property analysis is proven to be a valuable tool for our diverse customer base including real estate professionals, investors, owners, and renters as we deliver more than 20,000 reports on a daily basis.

SOURCE Rentometer, Inc.