Effective asking rents for U.S. apartments climbed 0.6% in February, rising at the fastest single-month pace seen since the middle of 2019. The increase in pricing power proved widespread, as 140 of the 150 metros tracked in RealPage's core data set logged at least a little rent growth.
Even the country's gateway metros, where rents were slashed in 2020, experienced at least slight rent bumps in February. Pricing climbed 0.6% to 0.7% during the past month in Boston, Chicago, Los Angeles and San Jose, while smaller increases of 0.1% to 0.3% were seen in San Francisco, New York, Washington, DC and Seattle.
Average monthly rent across the U.S. now stands at $1,422.
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