![]() ![]() May 2022 saw the slowest annual growth rate for rents since September 2021, and the annual growth rate has slowed each month of this calendar year after peaking at 17.3% in January. Though these numbers are staggering, they actually mark a slowdown in year-over-year growth compared with the past few months. May’s median rent constitutes a 15.5% increase over May 2021, a 23.2% increase over May 2020, and a 26.6% increase over May 2019. This is the highest level in ® rental data history, and the 15th consecutive month of a new record rent. The median rent for 0- to 2-bedroom rental homes across the 50 largest metropolitan areas in the United States reached $1,849 in May. Nationwide Rents Spike, but Slow From Record Pace Metros with higher rental vacancy rates are generally among the least expensive metros to rent a home in.In some metropolitan areas with healthy local economies, renting a home is relatively more appealing than buying one, compared to other metros.Studio unit rent growth, after trailing larger unit rent growth until January of this year, continues to lead the charge in increasing prices at the national level.Year-over-year rent growth has decreased every month in 2022, and is at its lowest level since September 2021. ![]() Median rent in the top 50 metros reached $1,849–15.5% higher than at this time last year and a new rent record for the 15th month in a row. ![]()
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