Single-family
rents
have
risen
by
a
mind-boggling
39.6%
since
the
COVID-19
pandemic
began
in
March
2020.
More
recently,
these
increases
have
been
more
of
a
mixed
bag,
depending
on
the
metro
area.

At
the
national
level,
rent
growth
is
gaining
speed
again.


Zillow‘s
monthly
rental
report
shows
that
U.S.
single-family
rents
rose
by
4.7%
year
over
year
in
June
and
were
0.4%
higher
than
in
May.
Additionally,
rents
rose
on
an
annualized
basis
in
49
of
the
50
largest
metro
areas.
Previously
scorching

Austin
was
the
only
metro
where
rents
fell
year
over
year
—
but
only
by
a
modest
0.6%.

The
typical
monthly
rent
for
a
single-family
home
in
June
was
$2,288.

Cleveland
registered
the
highest
year-over-year
single-family
rent
growth
at
8.9%,
followed
by
Milwaukee
(7.7%);
Cincinnati
(7.6%);
Louisville,
Kentucky
(7.5%);
and
St.
Louis
(7.2%).
Four
metros
—
Buffalo,
New
York
(-1.6%);
Austin
(-0.1%);
Hartford,
Connecticut
(-0.1%);
and
New
Orleans
(-0.03%)
—
saw
rents
fall
on
a
monthly
basis.

“More
people
move
during
the
summer,
which
causes
the
rental
market
to
heat
up,”
Skylar
Olsen,
chief
economist
at
Zillow,
said
in
the
report.
“Renters
are
being
drawn
to
more
affordable
areas
within
the
Northeast
and
Midwest.
Commuting
into
New
York
City
or
Boston
from
places
like
Hartford
or
Providence
might
have
been
a
deterrent
before,
but
in
this
new
age
of
remote
and
hybrid
work,
the
savings
seem
worth
it
for
many
renters,
even
if
it
means
an
occasional
painful
commute.”

Multifamily
rents
have
been
growing
less
quickly.
They’re
up
26.7%
since
the
start
of
the
pandemic
and
up
2.7%
year
over
year.
Multifamily
rents
were
up
year
over
year
in
June
in
40
of
the
largest
50
metros. 

Hartford,
Connecticut,
had
the
highest
year-over-year
rent
growth
across
all
types
of
properties
at
8.4%,
despite
the
monthly
pullback
on
the
single-family
side.
Buffalo
exhibited
similar
behavior
as
single-family
rents
fell
month
over
month,
while
multifamily
rents
were
up
5.7%
year
over
year,
the
fifth-largest
jump
of
any
market.

Providence,
Rhode
Island
(6.7%);
Louisville,
Kentucky
(6.4%);
and
Cleveland
(6.3%)
were
also
among
the
top
five
for
annualized
multifamily
rent
growth.

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