While home prices began to accelerate rapidly in the second half of 2020 and have barely slowed, rents were stable throughout 2020 as federal COVID relief dollars and policies like eviction moratoriums helped keep renters in place. But in 2021,…
, which have had higher demand since the pandemic began—is constraining the options available on the market and raising prices. Rising home prices have also started to price many would-be buyers out of the market, which raises demand for rental properties. If interest rates rise this spring as expected, it couldRising rents will be more challenging for renters in some locations than others.
The data used in this analysis is from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. To determine the locations with the most expensive rent, researchers atcalculated the median monthly rent across all unit sizes in each location. In the event of a tie, the location with the greater median monthly rent for a one-bedroom unit was ranked higher. Only locations with at least 100,000 residents were included.
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