Rent Prices Just Hit an All-Time High, But A Slowdown May Be In Sight

The average US rent has increased by 16.8% in the past year, but the market could level out in coming months.
Written by R.E. Fulton
Reviewed by Kathleen Flear
Updated on Mar 23, 2023
Rent is the highest it’s been in history, with an average monthly rent of $1,904. That’s a 16.8% increase in the last twelve months—but experts think rising rents will slow down soon
Renters in 2022 need two things: up-to-date information on the US rental market, and affordable renters insurance to protect their property.
, the
super app
that saves users money on
, and
car insurance
, has both. 
Compare insurance quotes from 50+ carriers with Jerry in under 45 seconds
rating primary
4.7/5 App Store Rating. Trusted by 2+ Million Customers.

Rental costs are higher than ever—and it’s not just monthly rent

2021 Zillow Rentals Consumer Housing Trends Report
has revealed the grim truth facing renters in 2022: since March 2021, the average monthly rent has increased by 16.8% for a total of $1,904—the highest ever recorded on Zillow. 
On top of those costs, most renters have to deal with additional expenses. Zillow’s report found that 61% of renters applied for two or more apartments. Assuming the median application fee of $50, that’s an extra $100 added to the cost of renting. 
As rental prices continue to climb, 81% of renters say that finding a rental within their initial budget is the most important factor in their housing search. But finding that ideal home is becoming harder by the month.  

Home values are still rising, but inventory is finally climbing

The increase in home values in the past year outpaced rising rents, with a 20.6% increase leading to the current typical home price of $337,560. Mortgages increased even faster, with a total positive change of 38% since March 2021. 
The three fastest-growing markets? They’re all located in Florida,
the most popular state in the US to move to
. Fort Myers, Miami, and Sarasota were 2021’s hottest housing markets, and the growth is ongoing. 
But experts see the runaway increases in home values slowing down in the near future. Between February and March of 2022, inventory increased for the first time since August 2021—by an impressive 11.6%! As inventory grows, the market should begin to settle. 

How to keep rental and home costs manageable

While rental costs are still on the rise, how can consumers ride the wave of increasing expenses? Simple: create a rental budget and download the
app for the best rates on renters insurance. While average rents are approaching $2,000,
renters insurance
is still the most affordable way to protect your property—and Jerry can find you the cheapest quotes in just 45 seconds!
Are you overpaying for car insurance?
Compare and find out in 45 seconds.
Find Savings!
No long forms. No spam calls. Free Quotes.
4.7/5 App Store Rating, 8,100+ Reviews
Trusted by 1.5+ Million Customers.
rating primary
Compare Car Insurance Quotes For Free
Jerry automatically shops for your insurance before every renewal. Members save $872/year.
rating primary
Rating on App Store
Start saving money!
12,000+ Reviews
Trusted by 3.5M car owners like you

You might also be interested

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
Find insurance savings — it's 100% free