Rents are rising to all-time highs

Kristin Schwab Oct 4, 2021
Heard on:
HTML EMBED:
COPY
The rent for two-bedroom units have hit a new all-time high every month since February, according to new data from the rental site Zumper. Joe Raedle/Getty Images

Rents are rising to all-time highs

Kristin Schwab Oct 4, 2021
Heard on:
The rent for two-bedroom units have hit a new all-time high every month since February, according to new data from the rental site Zumper. Joe Raedle/Getty Images
HTML EMBED:
COPY

It’s officially fall, when the weather cools and, traditionally, rents cool, too.

But this year the rent for two-bedrooms, which you may need if you have a small family or roommates, have hit a new all-time high every month since February, according to new data from the rental site Zumper.

Nationwide, rents are up more than 13% since March of last year.

At the beginning of the pandemic, there were a lot of open rentals in Scottsdale, Arizona. And, according to local real estate agent Germain Villeneuve, there were lots of deals, too. “Everyone was just trying to renew rents, keep everyone happy,” he said.

But now, landlords have the upper hand. “They go through 50 applications, cherry-picking the one that has all the right credentials, the right credit score,” Villeneuve said.

Rent for a one-bedroom in Scottsdale has gone up about 23% since the beginning of the pandemic. It’s now the 10th most expensive rental market in the country, according to the Zumper.

Jeff Andrews, who wrote Zumper’s report, said that’s because people have been flocking to the area to buy. “They’re either just totally priced out at this point or they’re just tired of dealing with the competition,” Andrews said. “They’re exhausted, so they’re not even looking.”

Would-be buyers have also overwhelmed the rental market in Dallas, Atlanta and Boise, places typically known for affordability.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.