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.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.