A new report on housing rent by Realtor.com shows that in June median asking rents for 0-2 bedroom units in the top 50 U.S. metros rose 21.2% compared to the same period in 2019 – even though rents on a national basis slipped in June for the 11th month in a row.
Among the top 10 markets with the highest percentage increase in rents compared to the pre-pandemic period, Tampa led with a $496 hike (39%) to reach $1,752 in June 2024. For households, this meant an additional 8.6% bite of typical monthly gross income.
Other metros with rent growth above 30% in the period June 2019 to June 2024 were Miami, Indianapolis, Pittsburgh, Sacramento, Virginia Beach, New York, and Cleveland, OH. Meanwhile, Raleigh and Birmingham joined the top 10 with rent growth of 29%. Rents for larger units had their highest growth rate in five years, up by $363 (23%).
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