Rental information site Zumper recently released their latest monthly National Rent Report showing that their median national rent for 1-bedroom apartments in September, 2021 was $1,352 (up 10.7% since March, 2020) and the median two-bedroom rent was $1,663 (up 13.1% since March, 2020). Be sure to check out their list of the top 100 metro areas.
“There are a few things driving the growth. First, the hot housing market that’s pushing rent up in Phoenix is doing the same in similar markets where single-family home values have risen rapidly in the aftermath of the pandemic. As prices soar and competition becomes overly intense, people who are at the stage in their life where they’d usually buy a home are priced out or exhausted with the process. They’re building up in the rental market over time and driving up costs.”