HOUSE RENTAL PRICES IN THE US ROSE FIVE TIMES IN 2021

House rental prices across the United States rose at a record pace in 2021 - An increase of up to 5 times last year compared to the first year of the pandemic.

House Rental Prices in the US rose five times in 2021 / ph: pexels 

Realtor.com's monthly rental report shows that the average rental cost in 2021 is 10.1 percent higher than in 2020 which means an increase of up to 5 times last year compared to the first year of the pandemic.

National rents in December recorded double digit year-over-year growth for the 6th month in a row.

Average house rent in the country for a one-bedroom in December was $1,651, up 19.3 USD over the same period last year.

In some big cities, rental price increased even more.  At the top of this list is Miami with an average rent of about $2850 in December - an increase of 49.8% over the same period in 2020. Following Miami is Tampa and Orlando with annual rent growth exceeding 34%.

In 2021, the city with the fastest rental growth rate is Riverside in California, suburb of Los Angeles.  Rents in this city increased by 28.5% compared to the previous year. The remaining cities with the highest price increases were Tampa with a 25.6% increase, Memphis with 23%, Miami with 22.1% and Sacramento with a 19.5% increase.

Big tech cities are among the slowest growing rental markets in 2021. In San Francisco, rents fell 2.5% compared to 2020. San Jose also recorded a 0.3% drop in rents. In some other cities as Chicago, New York, Minneapolis, etc., although the market has recovered in 2021, rents are still increasing slowly.

The reason for high house prices as shown at Realtor.com's report is partly due to the shift from cities to smaller rental markets. With this trend, it is also likely to push many people to switch from renting to buying house.

HOUSE RENTAL PRICES IN THE US ROSE FIVE TIMES IN 2021