August 02, 2022 08:30 AM
SAN FRANCISCO–(BUSINESS WIRE)–HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, today released its first National Rental Report, which compares data from H1 2021 and the H1 2022 to explore trends shaping the U.S. rental market for single-family detached listings, including price and supply shifts across the nation’s top metropolitan statistical areas (“MSAs”). The report can be downloaded and viewed here.
HouseCanary tracks listing volume, new listings and median listing price information for 46 states and 142 individual MSAs. The data in today’s rental report represents an aggregation and summary of all single-family detached listing records in the HouseCanary database between January 2021 and June 2022.
Following a thorough analysis of the aggregated data, HouseCanary’s report identifies key findings about the current rental market for single-family detached listings:
- Rent prices experienced a double-digit increase. Rents have continued to rise at the fastest pace in decades. At the close of H1 2022, the average national rent was $2,495.00, a 13.4% increase from the same period in 2021.
- Number of days on the market remained relatively flat, indicating strong demand for rental properties persists. By the end of H1 2022, rentals were on the market for an average of 21 days compared to 20 days at the end of H1 2021. Despite this slight increase, continual fluctuation in days on the market paired with the consistent increase in price indicates that while the market might be cooling slightly, demand has not yet subsided across much of the country.
- Sunshine states led the nation in highest median rent prices for H1 2022. MSAs in California and Florida comprise 80% of the ten highest monthly rents across the country with the Los Angeles-Long Beach-Anaheim, CA taking the top spot at an average price of $4,664 per month.
- In contrast Industrial Midwest states reported some of the lowest median rent prices in H1 2022. Ohio MSAs boast 4 of the 10 lowest monthly rents in the country, with other states in the region including Michigan, Indiana, Illinois and Wisconsin rounding out the list.
- Industrial Midwest states have emerged as one of America’s most popular real estate markets. The more affordable region including MSAs such as Flint, MI and Fort Wayne, IN has begun to attract significant out-of-state interest from people living in cities like Chicago, New York and Atlanta.
- Southern coastal regions remain popular. During the pandemic, cities in states such as Florida and Georgia became some of the hottest emerging real estate markets in the U.S., boosted by remote work and sunny weather – and it looks like that trend is continuing.
Chris Stroud, Co-founder and Chief of Research at HouseCanary, commented: “HouseCanary’s new report highlights that throughout the first half of 2022, the rental market seems to remain impervious to a slowdown. Nationwide single-family detached listings continue to elicit strong demand across the country despite rent prices experiencing a double-digit increase year-over-year. Our analysis suggests that while coastal regions such as Florida continue to remain popular following the pandemic, renters are beginning to turn their attention towards regions such as the Industrial Midwest that offer both sufficient supply and affordability many people are seeking in the current market conditions.”
Additional findings can be reviewed in the full report here.
