Median home rental price in the US reaches a new high of $1,849 per month in May, 26.6% more than before the pandemic



Paying rent in the United States is through the roof, because the median rental price hit a new high of $1,849 per month in May, which is a 26.6% increase from 2019 before the pandemic beganas reported by Realtor.com in its latest Monthly Rental Report.

While May marked the 10th straight month of double-digit annual growth in national rents, the increase was the smallest since September 2021which offers hope to tenants that there is finally a light at the end of the tunnel.

There is no doubt that tenants face sky-high prices. And with rising inflation reflecting jumps in both rental prices and everyday expenses, many renters are feeling the strain on their finances,” said Danielle Hale, chief economist at Realtor.com.

“Our May data suggests that rent growth is starting to lose some steam, in part because incomes cannot be sustained, even in the strong job market. Although rental growth remains historically high, the rate has gradually cooled since January, retreating from the feverish pace of 2021,” Hale added.

As good news for renters, Relator.com noted, the slowdown picked up in May, meaning that if these trends continue like last month, at some point this summer the slowdown will tend to materialize.

Nationwide May 2022 Rental Data:

Unit size: General
Average rent: $1,849
Change in May 2021: 15.5%
Change in May 2020: 23.2%

Unit Size: Studio
Average rent: $1,530
Change in May 2021: 16.9%
Change in May 2020: 18.8%

Unit size: 1 bedroom
Average rent: $1,708
Change in May 2021: 15.2%
Change in May 2020: 22.5%

Unit size: 2 bedrooms
Average rent: $2,076
Change in May 2021: 14.8%
Change in May 2020: 25.5%

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Source-eldiariony.com