SEATTLE
,
March 21, 2022
(press release)
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Nationally, asking rents were up 15% in February, while homebuyer mortgage payments increased twice as fast The average monthly asking rent in the U.S. increased 15% year over year to a record high of $1,901 in February, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the largest annual jump since at least February 2020 (Redfin’s rental data goes back through February 2019). Meanwhile, the national median monthly mortgage payment for homebuyers climbed 31% year over year to $1,716, also the biggest increase in Redfin’s records. “The cost of housing is going up for homebuyers and renters, but it’s going up more quickly for homebuyers,” said Redfin Chief Economist Daryl Fairweather. “That’s because mortgage rates have increased sharply and will likely continue to do so. When the cost of homeownership increases, many potential homebuyers opt to rent instead, which drives up rental prices. Americans should brace themselves for continued inflation across the board and try to find ways to cut costs. That might mean driving less to save on gas, or moving to a more affordable, walkable city like Albuquerque or Buffalo, where you can save on both housing and gas. The job market is great for workers right now, so it is a good time to move even if you can’t work remotely.” Rental Market Summary February Month-Over- Year-Over- Average Monthly Rent $1,901 0.5% 15.5% Median Monthly Mortgage Payment for Homebuyers w/ 5% Down Payment $1,716 7.5% 30.9% Mortgage payment increases outpaced asking rent increases in 44 of the 50 largest U.S. metro areas in February. Austin Sees Bigger Jump In Asking Rents Than Any Other Metro Rent increases hit 40% in Austin, TX, with Portland, OR not far behind at 39%. The Tri-State Area and Florida also saw rental increases of 30% or more. Top 10 Metro Areas With Fastest-Rising Rents Year Over Year Just two of the 50 most-populous metro areas saw rents fall in February from a year earlier. Rents declined 3% in Milwaukee and 2% in Kansas City, MO. Metro Areas Where Rents Declined Year Over Year Average Asking Rents and Median Monthly Mortgage Payments for Homebuyers, February 2022 U.S. Metro Average Year-Over- Median Year-Over- Difference Anaheim, CA $3,316 9.8% $4,403 35.7% 26 pp Atlanta, GA $2,040 17.0% $1,564 39.0% 22 pp Austin, TX $2,308 40.4% $2,202 42.1% 2 pp Baltimore, MD $2,024 10.3% $1,388 18.3% 8 pp Boston, MA $3,586 19.2% $2,619 21.8% 3 pp Charlotte, NC $1,695 7.5% $1,618 37.9% 30 pp Chicago, IL $2,262 4.5% $1,299 20.9% 16 pp Cincinnati, OH $1,479 22.7% $1,033 25.8% 3 pp Cleveland, OH $1,311 5.3% $784 28.4% 23 pp Columbus, OH $1,486 8.5% $1,189 28.0% 19 pp Dallas, TX $2,132 24.4% $1,762 36.3% 12 pp Denver, CO $2,729 29.4% $2,520 36.6% 7 pp Detroit, MI $1,560 8.2% $727 23.9% 16 pp Fort Lauderdale, FL $3,010 30.3% $1,599 29.9% 0 pp Fort Worth, TX $2,132 24.4% $1,533 38.6% 14 pp Houston, TX $1,770 11.0% $1,432 33.2% 22 pp Indianapolis, IN $1,382 17.6% $1,101 27.7% 10 pp Jacksonville, FL $1,581 23.6% $1,467 40.2% 17 pp Kansas City, MO $1,414 -1.5% $1,194 22.2% 24 pp Las Vegas, NV $1,760 19.6% $1,863 44.5% 25 pp Los Angeles, CA $3,316 9.8% $3,685 26.5% 17 pp Miami, FL $3,010 30.3% $1,982 36.1% 6 pp Milwaukee, WI $1,581 -2.6% $1,069 18.9% 21 pp Minneapolis, MN $1,812 3.7% $1,520 23.4% 20 pp Montgomery County, PA $2,279 14.5% $1,678 22.7% 8 pp Nashville, TN $1,939 16.6% $1,850 41.3% 25 pp Nassau County, NY $3,858 35.7% $2,581 23.3% -12 pp New Brunswick, NJ $3,858 35.7% $1,872 27.4% -8 pp New York, NY $3,858 35.7% $2,951 25.8% -10 pp Newark, NJ $3,858 35.7% $1,982 23.7% -12 pp Oakland, CA $3,535 16.1% $4,075 26.4% 10 pp Orlando, FL $2,061 29.1% $1,586 35.4% 6 pp Philadelphia, PA $2,279 14.5% $1,101 18.9% 4 pp Phoenix, AZ $2,153 26.1% $2,009 44.6% 19 pp Pittsburgh, PA $1,729 11.1% $881 16.7% 6 pp Portland, OR $2,455 38.7% $2,313 26.5% -12 pp Providence, RI $2,175 14.2% $1,678 32.5% 18 pp Riverside, CA $2,653 17.2% $2,418 36.4% 19 pp Sacramento, CA $2,648 18.1% $2,533 32.4% 14 pp San Antonio, TX $1,424 19.0% $1,357 33.0% 14 pp San Diego, CA $3,181 18.9% $3,524 31.6% 13 pp San Francisco, CA $3,535 16.1% $6,718 25.0% 9 pp San Jose, CA $3,426 13.7% $6,387 36.2% 22 pp Seattle, WA $2,762 28.6% $3,306 29.6% 1 pp St. Louis, MO $1,486 3.3% $947 20.9% 18 pp Tampa, FL $2,102 25.1% $1,548 44.0% 19 pp Virginia Beach, VA $1,659 16.2% $1,255 23.6% 7 pp Warren, MI $1,560 8.2% $1,101 23.0% 15 pp Washington, DC $2,585 12.4% $2,180 24.0% 12 pp West Palm Beach, FL $3,010 30.3% $1,762 28.8% -2 pp National $1,901 15.5% $1,716 30.8% 15 pp To view the full report, including charts and methodology, please visit: About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here. View source version on businesswire.com: https://www.businesswire.com/news/home/20220321005298/en/ Redfin Journalist Services: Source: Redfin
2022
Month
Year
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Change in
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Asking
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Year Change
in Median
Monthly
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Down)
Between Year-
Over-Year
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https://www.redfin.com/news/redfin-rental-report-february-2022/
Angela Cherry, 913-638-8249
press@redfin.com
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