Average U.S. Rental Price Hits a Two-Year High

Rental prices across large U.S. metro areas are growing at a pace unseen since the coronavirus pandemic hit last year, as vaccination rates rose and businesses reopened their doors.

In May, the national median rent rose 5.5% year over year to $1,527 per month, the highest two years, according to a report released Wednesday by realtor.com. 

The pace of growth surpassed the 3.2% rate posted in March 2020, before the onset of Covid-19 pandemic lockdowns, the report said.

Out of the 50 largest markets tracked by realtor.com, 38 saw a peak in median rents, with an average growth of 9.1% year over year, according to the report. Riverside, California, led the pack with a 19.2% year-over-year rent increase to $2,020 per month in May. The area has become a relatively more affordable alternative to nearby Los Angeles, where the median rent was $2,581 per month, slightly down 0.5% from a year ago, according to the report.

Memphis(17.2%), Tampa, Florida (16.9%), Phoenix(16.8%) and Sacramento, California (15.5%) completed the top five metros with the steepest rent increases.