Renting a home in the U.S. is a lot more expensive than it was prior to the pandemic, according to a new report.
Property analytics firm CoreLogic says rental costs have increased by 26% since February 2020.
In a positive sign for renters, according to the report, rent increases are starting to slow. However, experts say that doesn't mean rental prices will be going back down to pre-pandemic levels.
"It appears that rent growth is bottoming out, meaning that increases in single-family rents over the past three years are more or less permanent," said Molly Boesel, principal economist at CoreLogic. "The increases, especially at lower price levels, erode affordability and cause tenants to devote more of their monthly budget to rents, leaving fewer funds for other necessities."
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From April 2022 to April 2023, Charlotte, North Carolina, had the largest year-to-year rent price increase at 6.9%. The median price to rent a three-bedroom single family home in Charlotte is $1,911 a month, according to the report.
Boston had the second highest rental price increase over the last year at 6.2%. The median price for a three-bedroom home in Boston is $3,088 a month, the report says.
Orlando rounded out the top three with a 6% yearly rent increase. Renters can expect to pay about $2,200 a month for a single family home, CoreLogic reports.
Las Vegas was the only major metropolitan area that reported a decline in rent prices over the last year. They fell by less than 1%.
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