With vaccinations increasing, the rental market is taking off.
Monthly rents jumped 5.5% year-over-year to an average of $1,527 in May, according to the Realtor.com Monthly Rental Report.
By comparison, before the onset of COVID in March 2020, rents were rising at 3.2%. Rents in studio apartments rose for the first time in ten months to hit a median rent price of $1,254, while one-bedroom and two-bedroom rentals reached the highest levels since March 2019, at $1,718 and $1,422, respectively in May. Two-bedroom rates jumped an average of 8% year-over-year, while one-bedroom rents increased 5.8% year-over-year.
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