May Rental Data: U.S. Rental Prices Reach Highest Point in Two Years via Realtor.com

Nationally, monthly rents are finally growing faster than their pre-COVID rates, driving rental prices to their highest point in 27 months.

Last March, prior to the onset of the pandemic, rents in the 50 largest metro areas were growing by 3.2% year-over-year. That growth gradually slowed throughout the pandemic, down to 0.6% in February 2021. However, as of May 2021, the median national rent reached $1,527, up 5.5% ($79) year-over-year. Rents have fully recovered in many of the nation’s largest cities, and are on track to speedy recovery in many others. Because national rents slowed but never fell on a year-over-year basis during the pandemic, rents are up 7.5% over the last two years.

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