Rental Market Tracker: Asking Rents Rose a Record 15% in January

Rental Market Tracker: Asking Rents Rose a Record 15% in January

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Updated on May 24th, 2022

Portland and Austin saw the largest increases, with rents surging more than 30% year over year.

Average monthly asking rents in the U.S. increased 15.2% year over year to $1,891 in January, the largest annual jump since at least February 2020 (Redfin’s rental data goes back through February 2019). Meanwhile, the national median monthly mortgage payment for homebuyers climbed 25% year over year to $1,595, also the biggest increase in Redfin’s records.

“Moving right now is expensive, whether you’re renting or buying,” said Redfin Chief Economist Daryl Fairweather. “One of the only ways to avoid high housing costs is to move somewhere cheaper, but the list of places that are truly inexpensive is shrinking. Rising mortgage rates are squeezing more Americans out of the for-sale market, which will likely put increasing pressure on rents in the coming months.”

Rental Market SummaryJanuary 2022Month-Over-MonthYear-Over-Year
Average Monthly Rent$1,8910.7%15.2%
Median Monthly Mortgage Payment for Homebuyers w/ 5% Down Payment$1,5953.0%25.0%

Year over year, rent increases outpaced mortgage-payment increases for new homebuyers in just 13 of the 50 largest U.S. metro areas in January.

Rents Are Up Over 30% In Portland, OR, Austin, TX, & New York City

The 10 metro areas with the biggest increases in rent prices—up 30% or more year over year—are primarily located in the Tri-State Area and Florida. Portland, OR and Austin, TX also made the list, leading the way with increases of 39% and 35%, respectively.

Top 10 Metro Areas With Fastest-Rising Rents Year Over Year

  1. Portland, OR (+39%)
  2. Austin, TX (+35%)
  3. Newark, NJ (+33%)
  4. Nassau County, NY (+33%)
  5. New York, NY (+33%)
  6. New Brunswick, NJ (+33%)
  7. Tampa, FL (+31%)
  8. Fort Lauderdale, FL (+31%)
  9. West Palm Beach, FL (+31%)
  10. Miami, FL (+31%)

Just two of the top 50 metro areas saw rents fall in January from a year earlier. Rents declined 4% in both Kansas City, MO and Milwaukee.

Metro Areas Where Rents Declined Year Over Year

  1. Kansas City, MO (-4%)
  2. Milwaukee, WI (-4%)

Year-Over-Year Change in Rents and Median Monthly Mortgage Payments for Homebuyers, January 2022

Metro AreaAverage RentYear-Over-Year Change in Average RentMonthly Mortgage (5% down)Year-Over-Year Change in Monthly Mortgage (5% down)Difference Between Year-Over-Year Change in 5% Down Mortgage Payment & Rent
Anaheim, CA$3,3499.9%$4,06631.2%21 pts
Atlanta, GA$2,03319.2%$1,46735.3%16 pts
Austin, TX$2,24535.5%$2,05544.0%9 pts
Baltimore, MD$2,04812.8%$1,33514.9%2 pts
Boston, MA$3,50816.1%$2,52216.9%1 pts
Charlotte, NC$1,72211.2%$1,51333.6%22 pts
Chicago, IL$2,3326.1%$1,22518.0%12 pts
Cincinnati, OH$1,52028.4%$95821.6%-7 pts
Cleveland, OH$1,3389.6%$74217.5%8 pts
Columbus, OH$1,4938.0%$1,12322.7%15 pts
Dallas, TX$2,07324.0%$1,61132.0%8 pts
Denver, CO$2,66722.8%$2,28929.9%7 pts
Detroit, MI$1,5809.8%$69215.3%6 pts
Fort Lauderdale, FL$2,97330.9%$1,51823.4%-7 pts
Fort Worth, TX$2,07324.0%$1,40636.0%12 pts
Houston, TX$1,83612.6%$1,31429.9%17 pts
Indianapolis, IN$1,31110.5%$1,01723.2%13 pts
Jacksonville, FL$1,55823.5%$1,36936.2%13 pts
Kansas City, MO$1,408-3.6%$1,12318.4%22 pts
Las Vegas, NV$1,76521.9%$1,70437.3%15 pts
Los Angeles, CA$3,3499.9%$3,49825.4%16 pts
Miami, FL$2,97330.9%$1,85229.2%-2 pts
Milwaukee, WI$1,573-3.6%$1,01716.8%20 pts
Minneapolis, MN$1,8185.9%$1,42020.5%15 pts
Montgomery County, PA$2,29715.9%$1,61116.3%0 pts
Nashville, TN$1,88614.6%$1,68532.9%18 pts
Nassau County, NY$3,74332.5%$2,50019.5%-13 pts
New Brunswick, NJ$3,74332.5%$1,80222.4%-10 pts
New York, NY$3,74332.5%$2,77720.2%-12 pts
Newark, NJ$3,74332.5%$1,90815.9%-17 pts
Oakland, CA$3,56418.8%$3,62517.0%-2 pts
Orlando, FL$2,03229.2%$1,48432.6%3 pts
Philadelphia, PA$2,29715.9%$1,06015.0%-1 pts
Phoenix, AZ$2,15826.4%$1,88140.8%14 pts
Pittsburgh, PA$1,74013.2%$84414.3%1 pts
Portland, OR$2,45939.2%$2,18325.3%-14 pts
Providence, RI$2,09910.4%$1,59024.4%14 pts
Riverside, CA$2,66518.5%$2,24732.4%14 pts
Sacramento, CA$2,72424.0%$2,31126.7%3 pts
San Antonio, TX$1,41415.4%$1,27228.8%13 pts
San Diego, CA$3,12916.1%$3,30730.3%14 pts
San Francisco, CA$3,56418.8%$5,93915.3%-4 pts
San Jose, CA$3,3829.3%$5,76423.9%15 pts
Seattle, WA$2,77428.7%$3,01024.3%-4 pts
St. Louis, MO$1,4992.5%$91117.7%15 pts
Tampa, FL$2,12031.0%$1,44137.8%7 pts
Virginia Beach, VA$1,66917.5%$1,18717.4%0 pts
Warren, MI$1,5809.8%$1,03716.4%7 pts
Washington, D.C.$2,56413.7%$1,99316.4%3 pts
West Palm Beach, FL$2,97330.9%$1,65725.6%-5 pts
National$1,89115.2%$1,59525.0%10 pts
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Tim Ellis

Tim Ellis has been analyzing the real estate market since 2005, and worked at Redfin as a housing market analyst from 2010 through 2013 and again starting in 2018. In his free time, he runs the independently-operated Seattle-area real estate website Seattle Bubble, and produces the "Dispatches from the Multiverse" improvised comedy sci-fi podcast.

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