The rental market continues to grow by leaps and bounds in markets all across the country. And according to new data out from Realtor.com, the Sun Belt is boasting some of the largest annual and monthly gains.
Sun Belt metros led by Miami, Riverside and Tampa topped the list of fastest-growing rental markets from March 2020-2022, while big tech hubs posted many of the country’s smallest two-year rent gains.
In the two years since the pandemic began, rents have grown by nearly 20 percent across the country.
According to Realtor.com, the median rent in March 2022 stood at $1,807, a 17 percent increase from March 2021 and a 19.3 percent increase from March 2020. The average two-bedroom apartment, currently going for $2,028 per month, is up 21.9 percent from March 2020.
March marked the eighth consecutive month of double-digit annual rent gains (+17 percent), even as the pace moderated slightly over February (+17.1 percent).