Realtor.com: Almost Every U.S. Metro Has Higher Rental Prices Than Pre-Pandemic
(Image courtesy of Ion Ceban/pexels.com)
Realtor.com released its March Rent Report, finding that despite the 20th consecutive month of year-over-year rent declines, almost all major metro areas still have higher rent than pre-pandemic.
Asking rents fell $20, or 1.2% year-over-year, in March. That’s $65 lower than the peak reached in August 2022.
In March 2019, the median asking rent was $1,409. It now stands at $1,694 in the 50 largest metro areas, an increase of 20.2%.
Some areas have seen larger increases since the onset of the pandemic. Pittsburgh, Pa., is up by 47.9%, marking the largest increase in the Northeast. Tampa, Fla., is up by 45.7%, leading the South, Indianapolis, at 34% growth, leads the Midwest, and Sacramento’s 30.6% increase tops the West.
Only one market has median asking rent below pre-pandemic levels–San Francisco, down by 1.6%.
However, the median asking rent in March of $1,694 was up $4 from February–in line with seasonal trends.
By unit type, studios’ median rent stands at $1,407, down $17 or 1.2% year-over-year, 1-bedrooms are at $1,577, down $17 or 1.1% year-over-year, and 2-bedrooms are at $1,878, down $26 or 1.4% year-over-year.
“We have seen declines in rents largely due to robust multifamily building and permitting adding more rental options in many metros,” said Joel Berner, Senior Economist at Realtor.com. “This tailwind is currently under threat as developers grapple with the short-term and long-term impacts of new and evolving tariffs on building materials. For renters in cities with declining rents, it might be a good time to lock in a good rate for the next year or beyond.”
