National rent prices jumped again in June by 2.3 percent and now are up 9.2 percent so far in 2021, according to the latest report from Apartment List.
In previous years, rent growth from January to June is usually just two to three percent, the report said.
“Although the pandemic created some softness in the rental market last year, 2021 brought the fastest rent growth we have on record in our data. Nationally, and in many individual cities across the country, rents have now surpassed the level where they would have been if rent growth had not been disrupted by the pandemic,” said housing economists Chris Salviati, Igor Popov, and Rob Warnock in the report.
The report said that individual cities have also seen “pandemic pricing” come and go.
“This month, rents caught up with pre-pandemic expectations in a handful of major markets including Austin and San Diego. Meanwhile, prices remain below the pre-pandemic trend in some of the hardest-hit markets, like New York and San Francisco.”
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