Rents across the country hit an all-time high in 2021
Thinking back to 2021, a lot has happened. There was the ongoing pandemic, of course, a new president, an attempted coup, Squid Game … and rents everywhere reaching new heights. According to the Zumper Rental Market 2021 Annual Rents Report, you wouldn’t imagine – rent is really rising across the board.
According to the report, the average rent for a one-bedroom apartment has increased 11.6% this year. Two-bedroom apartments rose 13.6%.
While all of this comes after rent prices fell drastically the previous year as people fled major cities in favor of quieter lives at the start of the pandemic, Zumper found that in most United States, rents are significantly higher than before 2021.
Unsurprisingly perhaps, New York was the most expensive city for renters in 2021. According to Zumper data, through 2020, one-bedroom rent in the Big Apple has fallen by 17.5%, mainly due to the mass start of the pandemic. The area. Once the vaccine started rolling out, people started to come back and rents started to rise again. It is up 11.9% and up since this month.
This year marks the first time New York has beaten San Francisco in rental prices since Zumper began collecting data in 2014.
Whether you are planning to relocate, just accepted a job in a new city, or just dreamed of ditching your hometown for a bigger and better place, you should probably be armed with this information before you load the trucks. moving.
Here are the top 10 most expensive cities for renters right now and the median rent price for a room in those cities:
1. New York, NY – $ 3,190
2. San Francisco, CA – $ 2,810
3. Boston, Massachusetts – $ 2,590
4. San José, California – $ 2,310
5. Miami, Florida – $ 2,280
6. Los Angeles, California – $ 2,200
7. Washington, DC – $ 2,200
8. San Diego, California – $ 2,160
9. Oakland, CA – $ 2,030
10. Fort Lauderdale, Florida – $ 2,020
The biggest takeaway from Zumper’s findings is not that the rent is going up, it’s the rate at which the rent is going up that is amazing. Typically, the year-over-year increase is not as high as it used to be. Again, a global pandemic is not typical in terms of the circumstances. Rents fell in 2020, but returned to pre-pandemic prices and, in most cases, exceeded those prices. Cities on the East Coast are seeing rents soar to unprecedented heights.
In addition, competition for rentals is also intensifying. According to the data, more tenants had to complete more than one rental application than the previous year.