Residential rents have rebounded following a hard pandemic-induced year for landlords.
Apartment List’s latest National Rent Report highlights a huge first half of the year, as rental prices have grown 9.2 percent since the beginning of January. To put that in context, Apartment List notes that six-month growth has generally averaged out to 2-3 percent in past years.
Month-to-month, rents increased nationally by an average of 2.3 percent in June. The median rent was 8.4 percent higher than in June 2020.
While last month’s numbers were up across the board, there are still some markets where rents remain well below pre-pandemic levels. San Francisco rents are still 14 percent lower than they were at what is considered to be the start of the pandemic in the U.S. in March 2020, but the city has seen prices increase by 17 percent since January of this year.
Mid-sized markets that saw gains throughout the pandemic have been able to maintain the growth, notes the report. Spokane saw the nation’s fastest monthly rent growth last month at 8.1 percent, and now prices there are up 31 percent since the start of the pandemic.
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