US rents up 7% from October to November

National average rents in November increased 7% from October and 21% from November last year, according to new data from Redfin (iStock)

As inflation picked up in November, so did rents across the country.

National average monthly rents rose 6.8 percent from October to November, up 20.5 percent year-on-year, according to the data. Latest data from Redfin.

Both are the highest gains on record since Redfin began tracking rental data two years ago.

Average rent rose to $1,985 per month in November, up from $1,858 in October and $1,647 in November 2020.

Three markets in South Florida continued to have the strongest increase. West Palm Beach, Fort Lauderdale and Miami all saw median rents increase 35% year over year in November, matching the 36% increase recorded in October.

Meanwhile, the New York subway market has seen a rate increase in rents last month. The median rent in New York City, Nassau County and Newark and New Brunswick, New Jersey, increased 34% year-on-year, eclipsing the 31% year-over-year increase recorded in October. . The median rent across the four markets was $3,751, reportedly – the highest in the nation.

In Chicago, median rents increased 8.9% year-over-year to $2,360 per month. In Los Angeles, rents rose 11.7% to $3,422. And in San Francisco, rents rose 9.9% to $3,375.

According to Redfin economist Daryl Fairweather, the inflation rate of 6.8% in November – the highest since 1982 – played a key role in the increase.

“Inflation hit the for-sale housing market for the first time, and now it’s coming to the rental market,” Fairweather wrote. “Many people have been pushed out of the market and are looking for replacements, but that demand is driving up rents.”

Renters in a select few major cities can rejoice at the year-over-year decline. At St. Louis, Missouri, the median rent fell 0.3 percent year-over-year to $1,443 per month. In Kansas City, rents fell even further, falling 2.3% year-over-year to $1,388. The lowest median rent can be found in Indianapolis, at $1,293 per month, even though that city is up 10.5% year over year.

Nationally, the 6.8% increase followed a modest 0.8% month-on-month increase from September to October.

Meanwhile, Redfin reported average monthly mortgage payments rose 1.1% month-on-month in November, down from a 3.2% increase in October. However, year-on-year. Last year, mortgage payments were up 19.9%. US rents up 7% from October to November

Dais Johnston

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