While May marked the 10th straight month of double-digit annual growth in national rents, the increase was the smallest since September 2021, offering renters a glimpse of a light at the end of the tunnel.
for the fourth consecutive month. As a result, rents took a step back from their previous projection of surpassing $2,000 by as early as this summer. In fact, if rent growth continues cooling, typical asking rents may not reach that milestone until next year.forecasted to accelerate in the second half of the year, a rise in first-time buying opportunities could take even more pressure off rental demand and prices.
Additionally, all unit sizes posted double-digit rental price gains year-over-year: studios, up 16.9% to $1,530; one-bedrooms, up 15.2% to $1,708; and two-bedrooms, up 14.8% to $2,076. Rising inflation is further compounding the economic strain on households’ monthly budgets, as higher costs of rents and regular expenses continue toRenting may also be a more desirable alternative to buying in these areas, where real estate has historically come at a premium.
In May, rents grew on a year-over-year basis in all 50 of the largest metros and at a faster pace than the national rate in nearly half of these markets. The biggest annual rental price gains were registered in Miami , Orlando, Florida , Providence, Rhode Island , San Diego and Tampa . Realtor.com’s analysis highlights the relationship between large markets’ rental availability and prices. On one end of the spectrum, major tech hub Boston held the nation’s fifth highest rent in May after posting a vacancy rate of just 2.4% in 2022-Q1. Conversely, renters may find more affordable options in relatively smaller and less densely populated secondary metros.
Of the 10 areas with the highest vacancy rates, nine were among May’s lowest-priced rental markets, led by Indianapolis with a significantly lower overall rent and higher vacancy rate than in Boston.
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