Another month, another report of soaring apartment rents. The month in question this time: March. The median increase: 16.7% year over year. The new record high in monthly median rent: $1,940. This was the largest annual jump since February 2020, according to Redfin, which compiled these numbers.
Monthly mortgage payments increased too, up 34% from a year ago to reach $1,910, largely due to rising interest rates. Despite this rise, asking rents were still slightly higher as of March—but as Redfin pointed out, the gap is closing quickly and is the smallest on record in its rental data.
These, however, are just the national numbers. Some cities' metrics soar far beyond these levels. To see which ones are rising the fastest in terms of asking rents, check out our slideshow below.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
