Apartment List is reporting their national rent index jumped another 2.1%, a slight dip from August’s 2.5% increase, but still pacing far ahead of the typical monthly growth from recent pre-pandemic years. With inflation concerns heating up, the national median rent has now increased by 13.8% in 2021, more than 3x the average growth rate of recent pre-pandemic years.
Rents are currently increasing in all of the nation’s 100 largest cities, and there are now just 8 cities remaining where rents are still below pre-pandemic levels. This rapid rent growth is a symptom of record high demand clashing with historically tight vacancies.
Here are some highlights:
- Rents in Tulsa increased 1.5% month-over-month, compared to 2.1% nationally. Month-over-month growth in Tulsa ranks #62 among the nation’s 100 largest cities.
- Year-over-year rent growth in Tulsa currently stands at 8.6%, compared to 4.1% at this time last year.
- Median rents in Tulsa currently stand at $787 for a 1-bedroom apartment and $1025 for a two-bedroom.
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 the report notes.
While the national rent index always masks some regional variation, the 2021 rent boom is affecting virtually every major market in the country. This is a big change from 2020, when rents fell precipitously in expensive markets while growing quickly in more-affordable ones. In 2021, rents are rising across the board.