March 25, 2022 |
Updated March 25, 2022
Rent growth so far in 2022 is outpacing 2021.
The latest National Rent Report from Zumper shows median rent for one-bedrooms is at an all-time high. The $1,400 rent is a 2.5% increase since the start of 2022 and is 1.9% higher than the same time as last year.
While median one-bedroom rent is 12.2% higher year-over-year (YoY) in March, two-bedroom median rent is up nearly 14% YoY at more than $1,700—the 14th straight month of hitting record rent highs.
Individual markets are also seeing massive rent growth, which includes Miami and Tennessee markets. Miami now has the fourth highest median rent for one-bedrooms behind New York City, San Francisco and Boston. Miami’s $2,500 median rent is nearly 40% higher than March 2021. Miami rents had initially dropped more than 10% as the pandemic surged in 2020 before climbing from outside the top 10 cities to No. 4.
In Tennessee, Knoxville and Nashville each saw one-bedroom rents surge more than 25% YoY. Meanwhile, Chattanooga, Nashville and Knoxville each had two-bedroom rent growth of at least 15%.
The biggest month-to-month movers in one-bedroom rent were Anchorage, Alaska, New York, Seattle, San Diego and Nashville at roughly 5%. On the opposite side, Cincinnati, Gilbert, Ariz., Fresno, Calif., Cleveland and Tucson, Ariz., saw the largest month-to-month declines in the neighborhood of 5% drop-offs.