The Market in October 2021
The housing market is seeing unprecedented shortages, even in rentals. Many have sold their homes to capitalize on the increase in market prices, or relocated for work. Eviction bans made it even harder to acquire a rental further increasing the demand. Whatever the reason, according to Realtor.com, rent growth increased by 11.5% from August 2020 to August 2021.
This increase in demand has also increased rental prices. In some cities, rent is more expensive than the mortgage on a starter home. Average rent increased up to $169 per month to $1,63 with two bedrooms having the largest increase of 12.3% at $1,830 per month.
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