Apartment rents are now at or meaningfully above pre-pandemic prices across the country, except in San Francisco/Bay Area, according to the L.A. Business Journal, citing RealPage.
Rental demand has surged in markets large and small, leading to a 10 percent price increase in apartment rents since the beginning of 2020, per RealPage. On average, the rent increase went from $1,423 to $1,577, though the Business Journal notes that more than 30 metro areas have outpaced that rate during the same time period.
With inventory crunches and competitive offers dominating the home purchase market, more would-be buyers have had to settle for apartment rentals in the interim.
Per the L.A. Business Journal, apartment demand in 2021, as of Q3, stands at 597,354 units, compared to average annual demand of about 250,000 units seen between 2010-2020.
For more on the apartment rental market, click here.