The national rent increase hit a new high in May, according to new data out from Redfin. For the first time ever, the typical residential rent hit $2,002 last month—a 15 percent year-over-year increase.
Asking rents were up 48 percent annually in Austin, marking the largest increase on record in any metro area since 2019. Rents were also up more than 30 percent in Nashville, Seattle and Cincinnati.
“More people are opting to live alone, and rising mortgage-interest rates are forcing would-be homebuyers to keep renting,” said Redfin deputy chief economist Taylor Marr. “These are among the demand-side pressures keeping rents sky-high. While renting has become more expensive, it is now more attractive than buying for many Americans this year as mortgage payments have surpassed rents on many homes. Although we expect rent-price growth to continue to slow in the coming months, it will likely remain high, causing ongoing affordability issues for renters.”
The top 10 metro areas with the fastest-rising rents include:
- Fort Lauderdale
- West Palm Beach
- New York
- Nassau County
- New Brunswick