Rents Moving Higher in the Sun Belt

Overall, the U.S. median rent is $1,545 a month, up 3.2% from a year ago.

As the rental market continues to heat up nationwide, rent prices are rising the fastest in sun belt cities, according to the latest quarterly HotPads® Rent Report.

Of the 10 fastest-rising rental markets in the United States, only one – Salt Lake City – is not in the sun belt. Phoenix has the fastest-rising rents out of the 50 largest metro areas, followed closely by Las Vegas. The median rent in Phoenix is $1,545 a month, up 6.9% compared to this time last year. The median rent in Las Vegas is $1,465 a month, up 6.8% from a year ago. After Phoenix and Las Vegas, the fastest rising rents are in Sacramento, Atlanta, Riverside, and Orlando, where rent prices are rising more than 5% annually.

Overall, the U.S. median rent is $1,545 a month, up 3.2% from a year ago. Across the country, the rental market has been on an upward swing since the second half of 2018.

In the first quarter of 2019, rents rose at a rate of 3.1% annually. A year ago, rents were rising 3% annually. Austin, Phoenix, and San Jose – all sun belt cities – have seen the highest gains in rental appreciation over the past year. In Austin, the median rent is $1,775 per month, up 3.6% from a year ago. This time last year, rents in Austin were rising just 1.1% annually.

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