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According to Realtor.com's newest Monthly Rental Report, national rents on average grew five times faster in 2021 than in 2020. Las Vegas saw an average annual rent increase of 18.9% from 2020, ranks #6 on the top 10 fastest rent growth metros list.
"On average in 2021, national rents were more than 10% higher than in 2020. With rents already at a high and expected to keep going up, rental affordability will increasingly challenge many Americans in 2022. For those thinking about making the transition from renting to buying their first home, rising rents will remain a motivating factor even as for-sale home prices and mortgage rates continue to climb," said Realtor.com Chief Economist Danielle Hale.
2021 Realtor.com® Rental Metrics – National
Remote work continue drives skyrocketing rents in secondary markets, with the top 10 led by the relatively affordable Los Angeles alternative of Riverside, Calif. In 2021, rents increased by an average of 20.7% in the top 10 markets, led by Riverside (+28.5%), Tampa (+25.6%), Memphis (+23.0%), Miami (+22.1%), Sacramento (+19.5%), and Las Vegas (+18.9%). On average, 2021 annual rent growth across the top 10 markets was on average two time faster than the national rate.
2021 Realtor.com® Rental Metrics – Metros with the Fastest and Slowest Rent Growth
Hale added, "Regardless of where you live, renting is generally more expensive now than in prior years. However, expected income growth could give renters more negotiating power – especially if you continue to have workplace flexibility. Those able to work big city jobs while living in secondary metros are still likely to find more affordable rental options than in the biggest tech cities. Take the example of Tampa – despite being one of the fastest-growing rental markets in 2021, the December median rental price ($2,038) remained significantly lower than in a big northeastern city like New York($2,670)."
Source: Realtor.com
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