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RENT REPORT:
THE STATE OF
THE RENTAL
MARKET Provided by Rent Path
More than one year into the COVID-19 pandemic, we explore where rent prices stand today compared to one year ago.
NATIONAL AVERAGE RENT PRICE TRENDS
On a national level, we’re noticing a shift in recent patterns. Studios and one-bedrooms are showing some recovery in price, possibly reflecting growing demand. Two-bedrooms have adjusted down slightly, but are still up more than five percent year- over-year. Three-bedrooms are up, both since last month and since this time last year.
• 0-BR: $1,603 (+1.0 percent from prior month / -1.3 percent year-over-year)
• 1-BR: $1,610 (+1.6 percent from prior month / +3.2 percent year-over-year)
• 2-BR: $1,881 (-1.1 percent from prior month / +5.3 percent year-over-year)
• 3-BR: $2,036 (+1.9 percent from prior month / +4.2 percent year-over-year)
STATE AVERAGE RENT PRICE TRENDS
As we look at what rent prices are doing from state to state, we see that studios are the only unit type with a close-to-even split between states facing upward and downward pressure on rent prices.
The three other unit types — one-bedroom, two- bedroom and three-bedroom — more closely resemble a 2/3 vs. 1/3 mix, with the majority of states seeing a rise in rent prices.
We excluded the bottom 15 percent of our state data when running these calculations to eliminate areas with lower inventory. Of the remaining states:
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APARTMENT MANAGEMENT MAGAZINE - JUNE 2021
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