Apartment List National Rent Report

Introduction

Welcome to the September Apartment List National Rent Report. Our national index increased by 2.1 percent from July to August, a slight cool-down from 2.5 percent the month before, but nevertheless a continuation of rent growth that has persisted since the start of the year. Since January 2021, the national median rent has increased by a staggering 13.8 percent. To put that in context, rent growth from January to August averaged just 3.6 percent in the pre-pandemic years from 2017-2019.

With rents rising virtually everywhere, only a few cities remain cheaper than they were pre-pandemic. And even there, rents are rebounding quickly. In San Francisco, for example, rents are still 12 percent lower than they were in March 2020, but the city has seen prices increase by 20 percent since January of this year. At the other end of the spectrum, many of the mid-sized markets that have seen rents grow rapidly through the pandemic are only continuing to boom — rents in Boise, ID are now up 39 percent since March 2020. Rent growth in 2021 so far is outpacing pre-pandemic averages in 98 of the nation’s 100 largest cities.

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