Price increases for single family home rentals far outpaces apartment rents (+26% vs. +1%), driving the overall rental market in 2021.
Jan 3, 2022 06:00 PST
LOS ALTOS, Calif.,
January 3, 2022 (Newswire.com) –
Dwellsy analysis of its extensive rent data shows just how hard renters were hit by rent inflation in 2021.
“American renters saw an 11% increase in median asking rent from January to December of 2021,” said Jonas Bordo, CEO and Co-Founder of Dwellsy. “In a normal year, a 3-4% increase is typical, but we saw 3X that in 2021. That’s an extra $165 that renters have to spend each month.”
Key findings from the analysis:
- Rent prices went up 11% in 2021, 3X the normal rate
- Rent inflation was particularly high in single-family home rentals: up 26%
- Apartment rent inflation was modest: up 1%
The Covid pandemic its unique impact on housing demand…