We covered the rental market surge throughout 2021, but we’re now getting our final look at exactly how the year ended when it comes to median rents.
According to Apartment List, December was the only month that saw a decline in average rents, though minimal. The Apartment List national index fell by 0.2 percent last month, typical at this time of year but notable after a year of record-setting growth.
San Francisco was among the cities with the largest decrease in December, with 61 of the nation’s 100 largest cities also seeing a drop in rents.
Over the course of calendar year 2021, the national median rent increased by a 17.8 percent. For a little context, the annual increase pre-pandemic was just 2.3 percent.
Ninty-nine of the nation’s 100 largest cities saw rents increase by more than 10 percent over the course of last year as the national median apartment cost surpassed $1,300 for the first time ever.
Oakland is the only major U.S. city that saw prices fall in 2021, down just 1 percent.