Rent Report, November 2021: The State of the Rental Market

November 24, 2021

While the weather is cooling and snow is falling in parts of the Northeast and near the Great Lakes, rent prices haven't gotten the memo. Rent price trends are still hot and trending up in most of the country. Let's look at where rent prices stand today.

National average rent price trends

On a national level, rent prices are up long-term. When compared year-over-year, rent prices for both one-bedroom and two-bedroom apartments have increased significantly. Prices are up nearly 20 percent for a one-bedroom and just over 17 percent for a two-bedroom apartment.

Short-term increases continued for one-bedroom units, while two-bedroom apartments saw a modest decrease month-over-month.

  • 1-BR: $1,670 (+0.6 percent from prior month / +19.8 percent year-over-year)
  • 2-BR: $1,951 (-0.7 percent from prior month / +17.3 percent year-over-year)

State average rent price trends

State to state, rent prices continue to rise. All states have seen increases in one-bedroom apartments year-over-year, and two-bedroom rents have risen in all states except South Dakota. Calculations excluded states with low inventory. Of the remaining states:

  • 1-BR: 100 percent of states are up and none are down
  • 2-BR: 97.8 percent of states are up and 2.1 percent of states are down

City average rent price trends

Getting more granular, our analysis looked at the percent change in year-over-year rent prices for one- and two-bedroom apartments in the country's most populated cities. We eliminated cities with insufficient inventory.

Let's take a look at which cities are becoming more and less expensive.

One-bedroom city average rent price trends

The following cities have experienced the biggest increases in one-bedroom rent prices year-over-year. Eight of these cities — Gilbert, AZ; Orlando, FL; Boise, ID;Huntington Beach, CA; Birmingham, AL; Saint Petersburg, FL; Irvine, CA and Scottsdale, AZ — have populations of 300,000 or less.

The following cities have experienced the biggest decreases in one-bedroom rent prices year-over-year. Six of these cities —Durham, NC; Chandler, AZ; Toledo, OH; Chula Vista, CA; Huntsville, AL; Lincoln, NE — have populations of 300,000 or less.

Two-bedroom city average rent price trends

The following cities have experienced the biggest increases in two-bedroom rent prices year-over-year. Five of these cities — Orlando, FL; Saint Petersburg, FLGarland, TX; Reno, NV and Fort Wayne, IN — have populations of 300,000 or less.

The following cities have experienced the biggest decreases in two-bedroom rent prices year-over-year. Six of these cities — Plano, TX; Richmond, VA; Durham, NC; Rochester, NY; Toledo, OH and Baton Rouge, LA — have populations of 300,000 or less.

Overlap cities by average rent prices

Some cities reflect increases or decreases in rent prices across all bedroom types. We call these "overlap cities."

Two cities in the top 10 have experienced year-over-year price increases in both one-bedroom and two-bedroom apartments:

Two cities in the top 10 have experienced year-over-year price decreases in both one-bedroom and two-bedroom apartments:

Rental industry trends

In addition to our pricing trends, there are a few industry developments to report:

1. Rent inflation is here to stay until 2023

While the pandemic saw a drastic decrease in rents, the trend quickly reversed as renters, both new and old, returned to cities. As this report shows, year-over-year rent prices are up by double digits nationwide, a trend likely to continue according to economists at the Dallas Fed. Current predictions from the central bank say rent inflation will increase to almost seven percent by the end of 2023 — the highest in more than 30 years.

2. Rent control is making a comeback

With rising rent prices, rent control has seen renewed interest as a tool to keep housing affordable. In early November, St. Paul voters passed "one of the most restrictive rent control ordinances in the country." The new law will place a three percent cap on yearly rent increases across all units, including single-family homes and new construction. Landlords who want to raise their rents higher than the cap will have to apply for an exemption.

About this report

Our November 2021 Rent Report highlights year-over-year rent trends and price fluctuations that renters may experience in various parts of the United States. We compare rent prices for one-bedroom and two-bedroom apartments to determine which unit types and which of the country's most populated cities are becoming more affordable or more expensive for renters.

Rank by PopulationCity, StatePopulation1-BR Avg Rent, October 20211-BR YoY Change
19Boston, MA692,600$3,80017.61%
14San Francisco, CA881,549$3,45013.51%
64Irvine, CA287,401$3,39536.17%
92Glendale, CA199,303$3,36623.97%
41Oakland, CA433,031$3,23326.32%
69Jersey City, NJ262,075$3,19018.69%
40Long Beach, CA462,628$3,03364.41%
1Los Angeles, CA3,979,576$2,99910.74%
7San Diego, CA1,423,851$2,90618.45%
51Santa Ana, CA332,318$2,90435.19%
9San Jose, CA1,021,795$2,90014.19%
93Huntington Beach, CA199,223$2,89839.63%
16Seattle, WA753,675$2,78523.68%
52Riverside, CA331,360$2,70456.05%
50Anaheim, CA350,365$2,69628.16%
91Yonkers, NY200,370$2,62212.16%
39Miami, FL467,963$2,607-0.29%
17Denver, CO727,211$2,39317.22%
66Chula Vista, CA274,492$2,386-12.69%
2Chicago, IL2,693,976$2,35715.51%
18Washington, DC705,749$2,2866.92%
78Fremont, CA241,110$2,2632.73%
73Scottsdale, AZ258,069$2,24638.82%
68Saint Petersburg, FL265,351$2,18446.33%
63Orlando, FL287,442$2,17155.49%
33Sacramento, CA513,624$2,1490.71%
83Tacoma, WA217,827$2,0313.28%
21Nashville, TN670,820$2,00914.60%
24Portland, OR654,741$1,98720.01%
58Saint Louis, MO300,576$1,9602.97%
90Frisco, TX200,490$1,93918.16%
5Philadelphia, PA1,584,064$1,923-11.16%
62Plano, TX287,677$1,9195.65%
46New Orleans, LA390,144$1,89815.06%
49Aurora, CO379,289$1,87434.98%
75Gilbert, AZ254,114$1,86193.10%
81Boise, ID228,959$1,85839.11%
74Reno, NV255,601$1,80135.32%
8Dallas, TX1,343,573$1,77318.13%
28Baltimore, MD593,490$1,7648.56%
34Atlanta, GA506,811$1,7384.28%
25Las Vegas, NV651,319$1,70925.82%
55Henderson, NV320,189$1,70134.04%
22Detroit, MI670,031$1,6797.90%
10Austin, TX978,908$1,62421.93%
79Irving, TX239,798$1,5949.92%
59Pittsburgh, PA300,286$1,593-2.71%
77Norfolk, VA242,742$1,57213.62%
100Tempe, AZ195,805$1,5646.34%
36Colorado Springs, CO478,221$1,5556.59%
80Richmond, VA230,436$1,48523.38%
94McKinney, TX199,177$1,48120.65%
44Tampa, FL399,700$1,4728.92%
42Minneapolis, MN429,606$1,4481.93%
13Charlotte, NC885,708$1,44613.93%
86Birmingham, AL209,403$1,43353.10%
38Raleigh, NC474,069$1,42515.18%
48Cleveland, OH381,009$1,4145.71%
56Saint Paul, MN308,096$1,414-7.33%
87Rochester, NY205,695$1,4072.89%
4Phoenix, AZ1,680,992$1,3976.59%
12Columbus, OH898,553$1,39212.48%
32Mesa, AZ518,012$1,34527.72%
70Chandler, AZ261,165$1,344-10.65%
89Salt Lake City, UT200,567$1,3298.52%
84Des Moines, IA214,237$1,31311.94%
3Houston, TX2,320,268$1,3086.78%
57Cincinnati, OH303,940$1,30619.13%
97Aurora, IL197,757$1,2935.08%
65Durham, NC278,993$1,291-11.39%
30Albuquerque, NM560,513$1,28625.72%
11Fort Worth, TX909,585$1,2687.73%
29Milwaukee, WI590,157$1,262-1.39%
35Kansas City, MO495,327$1,235-1.41%
71Madison, WI259,680$1,174-3.37%
27Louisville, KY617,638$1,1566.06%
15Indianapolis, IN876,384$1,146-3.84%
96Augusta, GA197,888$1,14212.60%
45Arlington, TX398,854$1,14018.76%
76Winston-Salem, NC247,945$1,07112.58%
6San Antonio, TX1,547,253$1,0672.03%
26Memphis, TN651,073$1,032-4.31%
54Lexington, KY323,152$1,02123.15%
61Lincoln, NE289,102$1,015-8.65%
53Corpus Christi, TX326,586$1,01418.92%
31Tucson, AZ548,073$1,01118.67%
82Baton Rouge, LA220,236$1,0113.23%
37Omaha, NE478,192$1,0004.41%
20El Paso, TX681,728$9274.16%
99Little Rock, AR197,312$9146.85%
85Fayetteville, NC211,657$885-2.32%
88Huntsville, AL200,574$881-15.94%
60Greensboro, NC296,710$8361.17%
47Wichita, KS389,938$814-1.14%
23Oklahoma City, OK655,057$80414.26%
98Akron, OH197,597$7742.40%
43Tulsa, OK401,190$7000.05%
72Lubbock, TX258,862$679-1.42%
67Toledo, OH272,779$653-12.29%
95Montgomery, AL198,525$63020.01%
Rank by PopulationCity, StatePopulation2-BR Avg Rent, October 20212-BR YoY Change
1New York, NY8,336,817$7,38035.14%
21Boston, MA692,600$5,03213.93%
70Jersey City, NJ262,075$4,45022.00%
16San Francisco, CA881,549$4,1192.09%
2Los Angeles, CA3,979,576$4,116-4.79%
44Oakland, CA433,031$4,1075.03%
18Seattle, WA753,675$4,02127.52%
8San Diego, CA1,423,851$3,83316.20%
54Santa Ana, CA332,318$3,62527.24%
93Glendale, CA199,303$3,52412.29%
92Yonkers, NY200,370$3,5056.50%
3Chicago, IL2,693,976$3,40514.92%
42Miami, FL467,963$3,3746.91%
19Denver, CO727,211$3,36720.61%
10San Jose, CA1,021,795$3,3107.17%
20Washington, DC705,749$3,2259.16%
53Anaheim, CA350,365$2,90626.17%
79Fremont, CA241,110$2,88513.98%
9Dallas, TX1,343,573$2,83032.08%
36Sacramento, CA513,624$2,7237.53%
65Orlando, FL287,442$2,69855.87%
26Portland, OR654,741$2,66819.49%
49New Orleans, LA390,144$2,64116.86%
73Scottsdale, AZ258,069$2,61016.97%
6Philadelphia, PA1,584,064$2,429-20.34%
60Saint Louis, MO300,576$2,3556.64%
91Frisco, TX200,490$2,344-0.17%
24Detroit, MI670,031$2,3198.10%
23Nashville, TN670,820$2,3113.38%
84Tacoma, WA217,827$2,302-3.10%
37Atlanta, GA506,811$2,2794.54%
64Plano, TX287,677$2,258-7.79%
74Reno, NV255,601$2,24536.45%
52Aurora, CO379,289$2,10223.84%
31Milwaukee, WI590,157$2,02022.99%
45Minneapolis, MN429,606$1,976-7.73%
81Irving, TX239,798$1,97511.16%
27Las Vegas, NV651,319$1,97031.75%
51Cleveland, OH381,009$1,96513.46%
69Saint Petersburg, FL265,351$1,95847.65%
58Saint Paul, MN308,096$1,9310.31%
47Tampa, FL399,700$1,92818.40%
94McKinney, TX199,177$1,91414.08%
57Henderson, NV320,189$1,89533.53%
39Colorado Springs, CO478,221$1,8924.91%
80Garland, TX239,928$1,87937.87%
14Columbus, OH898,553$1,87621.74%
75Buffalo, NY255,284$1,87018.53%
90Salt Lake City, UT200,567$1,84523.47%
71Madison, WI259,680$1,83322.88%
97Aurora, IL197,757$1,82318.76%
12Jacksonville, FL911,507$1,79844.16%
59Cincinnati, OH303,940$1,78018.31%
4Houston, TX2,320,268$1,76914.38%
99Tempe, AZ195,805$1,76614.86%
15Charlotte, NC885,708$1,76011.49%
35Mesa, AZ518,012$1,73024.57%
78Norfolk, VA242,742$1,7146.44%
43Virginia Beach, VA449,974$1,710-0.12%
41Raleigh, NC474,069$1,69729.33%
5Phoenix, AZ1,680,992$1,6896.48%
76North Las Vegas, NV251,974$1,67810.37%
30Baltimore, MD593,490$1,669-10.20%
11Austin, TX978,908$1,6611.65%
61Pittsburgh, PA300,286$1,632-11.52%
48Arlington, TX398,854$1,62741.62%
13Fort Worth, TX909,585$1,62124.56%
32Albuquerque, NM560,513$1,55633.53%
33Tucson, AZ548,073$1,52239.22%
38Kansas City, MO495,327$1,519-3.60%
66Durham, NC278,993$1,456-16.15%
63Lincoln, NE289,102$1,4329.78%
17Indianapolis, IN876,384$1,4322.50%
82Richmond, VA230,436$1,396-5.46%
88Rochester, NY205,695$1,364-16.48%
85Des Moines, IA214,237$1,35620.94%
40Omaha, NE478,192$1,3519.39%
68Fort Wayne, IN270,402$1,34135.56%
100Columbus, GA195,769$1,28624.79%
87Birmingham, AL209,403$1,28521.62%
29Louisville, KY617,638$1,2699.65%
55Corpus Christi, TX326,586$1,25413.46%
96Augusta, GA197,888$1,25010.35%
77Winston-Salem, NC247,945$1,21411.77%
7San Antonio, TX1,547,253$1,207-2.32%
22El Paso, TX681,728$1,1832.90%
98Little Rock, AR197,312$1,17426.29%
89Huntsville, AL200,574$1,164-2.40%
86Fayetteville, NC211,657$1,13111.59%
56Lexington, KY323,152$1,0941.97%
83Baton Rouge, LA220,236$1,093-6.25%
62Greensboro, NC296,710$1,0897.42%
34Fresno, CA531,576$1,07414.89%
28Memphis, TN651,073$1,028-0.50%
67Toledo, OH272,779$885-6.95%
25Oklahoma City, OK655,057$848-4.22%
95Montgomery, AL198,525$84513.95%
72Lubbock, TX258,862$835-4.13%
46Tulsa, OK401,190$830-0.91%
50Wichita, KS389,938$5950.03%

Methodology

To determine average rent prices, we started with October 2021 data from Apartment Guide and Rent.com's multifamily rental property inventory. From there, we evaluated changes seen since October 2020. Monthly prices are based on the average price for that respective month as a whole.

We used a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets. From there, we looked at historical standard deviations of our weighted rent prices to remove outlier markets and minimize potential volatility caused by lower inventory. Rent price increases and decreases per time period are based on the percentage change of apartment rental prices from October 2020.

The U.S. Census divides the country into four geographic regions: Northeast (Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont); Midwest (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin); South (Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, District of Columbia and West Virginia) and West (Alaska, Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Hawaii, Utah, Washington and Wyoming). The top 100 cities in our analysis were determined by 2019 U.S. Census Bureau population estimates.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

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