With vaccinations increasing, the rental market is taking off.
Monthly rents jumped 5.5% year-over-year to an average of $1,527 in May, according to the Realtor.com Monthly Rental Report.
By comparison, before the onset of COVID in March 2020, rents were rising at 3.2%. Rents in studio apartments rose for the first time in ten months to hit a median rent price of $1,254, while one-bedroom and two-bedroom rentals reached the highest levels since March 2019, at $1,718 and $1,422, respectively in May. Two-bedroom rates jumped an average of 8% year-over-year, while one-bedroom rents increased 5.8% year-over-year.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
