Highlights

  • June 2021 data: In the 50 largest metros, the median rent was $1,575, up 8.1% year-over-year. This translates to an additional $118 per month for renters. Compared to June 2019, the median rent has increased by $149 (10.4%).
  • Rents by size: Studio: $1,294, up 4.0% ($49) year-over-year; 1-bed: $1,466, up 8.0% ($109); 2-bed: $1,770, up 10.2% ($163). Rents for all unit sizes are at series highs.
  • Rents are increasing the most in Riverside, CA; Memphis, TN; and Tampa, FL; and Phoenix, AZ metro areas — all saw rents grow more than 20% year-over-year in June.
  • In 44 of the 50 largest markets, rents in June were the highest they’ve ever been in 6 of the 50 largest markets, typically the most dense areas with big tech industries, rents still lagged behind historical peaks.

National Rent Trends Surge Past Pre-COVID Levels

Rents across the country reached new highs in June. In 44 of the 50 largest metro areas, rents reached their highest levels on record, and are growing faster than ever.

In June 2021, the median national rent reached $1,575, an increase of $118 (8.1%) year-over-year. Beyond simply recovering to pre-pandemic levels, rents across the country are surging. Typically, rents fluctuate less than 1% from month to month. In May and June, rents increased by 3.0% and 3.2% from each month to the next.

Rent MoM Trend Since the Start of the Pandemic

Rent YoY Trend Since the Start of the Pandemic

Rising rents are likely the result of multiple factors. As home prices hit record highs and affordability becomes an issue for potential homebuyers, the appetite for rentals may rise as would-be buyers opt for renting. Further, increasing vaccination rates may be boosting confidence in the safety of moving, which drives up demand, and prices. And while rental vacancy rates–the number of apartments and homes for rent that is currently unoccupied–are slightly higher this year compared to last, they remain lower than we’ve seen historically.

Riverside, CA was the fastest-growing metro area, with the median rent reaching $2,112 in June, up 24.2% year-over-year. The other metros topping the list of fastest-growing rents were Memphis, TN; Tampa, FL; and Phoenix, AZ, which all saw rents growing by over 20% compared to last year.

National Rents by Unit Size

Unit SizeMedian RentRent YoYRent Change – 2 years
Overall1,5758.1%10.4
Studio1,2944.0%5.8%
1-bed1,4668.0%10.8%
2-bed1,77010.2%13.6%

In June, two-bedroom units saw the largest increase in rents, with the median rent reaching $1,770 nationally, $163 (10.2%) higher than the same time last year. Thanks to consistent preferences for larger homes over the last couple of years, the median monthly rent for 2-bed units has increased by $212 (13.6%) since June 2019 and is now at the highest level in our data history.

One-bedroom units also saw sizeable rent growth in June. The median rent for 1-bedroom units reached $1,466 nationally, up $109 (8.0%) compared to last year. The median monthly rent for 1-bed units has increased by 10.8% ($143) since June 2019, reaching the highest level in our data history.

Studio units saw rent declines throughout the pandemic as they tend to be more common in high-density cities and high-density buildings that made distancing and extra time at home more challenging. Studio units are continuing their recovery, with rents reaching $1,294 nationwide in June, up $49 (4.0%) year-over-year.  The median monthly rent for studio units has increased by $71 (5.8%) since June 2019 and is at the highest level in our data history.

Top 10 Markets for Rent Increases – June 2021

RankMetroMedian RentRent YY
1Riverside-San Bernardino-Ontario, CA2,11224.2%
2Memphis, TN-MS-AR1,15023.0%
3Tampa-St. Petersburg-Clearwater, FL1,60521.1%
4Phoenix-Mesa-Scottsdale, AZ1,59020.9%
5Sacramento–Roseville–Arden-Arcade, CA1,82117.5%
6Cincinnati, OH-KY-IN1,20017.1%
7San Diego-Carlsbad, CA2,50717.0%
8Las Vegas-Henderson-Paradise, NV1,39716.0%
9Atlanta-Sandy Springs-Roswell, GA1,59015.6%
10Jacksonville, FL1,31014.4%

Rental Data – 50 Largest Metropolitan Areas – June 2021

MetroMedian RentRent YYStudio Median RentStudio Rent YY1br Median Rent1br Rent YY2br Median Rent2br Rent YY
Atlanta-Sandy Springs-Roswell, GA1,59015.6%1,49012.6%1,49515.4%1,73917.1%
Austin-Round Rock, TX1,49210.4%1,2239.7%1,36611.2%1,67513.2%
Baltimore-Columbia-Towson, MD1,6206.6%1,3346.7%1,5587.4%1,7286.0%
Birmingham-Hoover, AL1,07012.6%1,05913.3%1,02012.5%1,10112.3%
Boston-Cambridge-Newton, MA-NH2,450-2.0%2,060-5.5%2,310-2.9%2,700-3.6%
Buffalo-Cheektowaga-Niagara Falls, NY1,1804.9%90013.6%1,0603.4%1,3505.9%
Charlotte-Concord-Gastonia, NC-SC1,43410.8%1,2998.3%1,3309.7%1,57512.6%
Chicago-Naperville-Elgin, IL-IN-WI1,7000.3%1,345-6.5%1,650-0.9%1,9002.7%
Cincinnati, OH-KY-IN1,20017.1%1,0252.5%1,15512.7%1,27521.4%
Cleveland-Elyria, OH1,0949.4%7966.1%1,0458.9%1,1809.4%
Columbus, OH1,1499.3%9657.2%1,0909.9%1,2289.3%
Dallas-Fort Worth-Arlington, TX1,38911.1%1,19911.8%1,27813.1%1,63313.7%
Denver-Aurora-Lakewood, CO1,82010.2%1,5054.5%1,69911.1%2,12513.3%
Detroit-Warren-Dearborn, MI1,1908.2%9854.2%1,0259.6%1,3257.3%
Hartford-West Hartford-East Hartford, CT1,5458.4%1,104-6.4%1,4505.5%1,75011.1%
Houston-The Woodlands-Sugar Land, TX1,2756.3%1,2467.0%1,1656.4%1,4347.0%
Indianapolis-Carmel-Anderson, IN1,14012.8%9802.2%1,05011.5%1,26017.0%
Jacksonville, FL1,31014.4%1,04936.2%1,21616.9%1,42015.5%
Kansas City, MO-KS1,1508.9%9056.5%1,0255.2%1,35010.3%
Las Vegas-Henderson-Paradise, NV1,39716.0%90012.5%1,28919.4%1,52516.6%
Los Angeles-Long Beach-Anaheim, CA2,6904.3%2,0000.1%2,4002.4%3,1955.6%
Louisville/Jefferson County, KY-IN1,0208.5%8995.1%9584.7%1,13014.7%
Memphis, TN-MS-AR1,15023.0%9952.1%1,12523.4%1,21024.1%
Miami-Fort Lauderdale-West Palm Beach, FL2,15313.3%1,79115.5%1,91311.8%2,48513.0%
Milwaukee-Waukesha-West Allis, WI1,3953.3%1,0950.5%1,2991.5%1,5994.2%
Minneapolis-St. Paul-Bloomington, MN-WI1,4952.3%1,199-4.0%1,4251.1%1,8128.2%
Nashville-Davidson–Murfreesboro–Franklin, TN1,4167.3%1,5106.4%1,3489.6%1,4757.6%
New Orleans-Metairie, LA1,3958.1%97520.5%1,3408.5%1,60010.3%
New York-Newark-Jersey City, NY-NJ-PA2,450-2.0%2,095-13.4%2,250-2.2%2,7753.7%
Oklahoma City, OK8506.4%675-12.9%7749.0%9055.8%
Orlando-Kissimmee-Sanford, FL1,50013.1%1,35013.0%1,41516.0%1,66916.8%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD1,6152.5%1,3253.9%1,5754.4%1,8003.2%
Phoenix-Mesa-Scottsdale, AZ1,59020.9%1,14522.5%1,41022.4%1,80020.4%
Pittsburgh, PA1,3658.3%1,1864.6%1,2957.5%1,50910.3%
Portland-Vancouver-Hillsboro, OR-WA1,6459.7%1,3753.0%1,5958.1%1,88016.6%
Providence-Warwick, RI-MA1,7858.6%1,460-5.8%1,5638.9%2,02814.3%
Raleigh, NC1,38013.6%1,2407.4%1,27014.5%1,55518.3%
Richmond, VA1,25213.9%1,02112.7%1,16619.0%1,38713.7%
Riverside-San Bernardino-Ontario, CA2,11224.2%1,3749.9%1,78820.4%2,44932.7%
Rochester, NY1,22510.4%8957.2%1,13511.3%1,3508.9%
Sacramento–Roseville–Arden-Arcade, CA1,82117.5%1,5005.8%1,70018.9%1,95420.2%
San Antonio-New Braunfels, TX1,1247.0%9655.5%1,0399.6%1,2849.1%
San Diego-Carlsbad, CA2,50717.0%2,05016.7%2,31519.0%2,87518.6%
San Francisco-Oakland-Hayward, CA2,801-6.1%2,305-12.5%2,582-8.2%3,311-5.0%
San Jose-Sunnyvale-Santa Clara, CA2,860-3.7%2,2842.5%2,660-2.2%3,238-2.6%
Seattle-Tacoma-Bellevue, WA1,9101.3%1,545-3.0%1,9230.9%2,1663.4%
St. Louis, MO-IL1,1567.8%9505.7%1,1269.9%1,24010.2%
Tampa-St. Petersburg-Clearwater, FL1,60521.1%1,42513.1%1,47025.1%1,80026.1%
Virginia Beach-Norfolk-Newport News, VA-NC1,30011.0%1,1234.0%1,27912.4%1,39214.6%
Washington-Arlington-Alexandria, DC-VA-MD-WV1,9791.0%1,599-5.9%1,8950.0%2,3697.0%

Methodology

Rental data as of June 2021. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas.

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