Will Rent Continue to Rise in 2022?
Rent rose at an alarming rate in 2021. Will that continue in 2022?
According to Zumper’s National Rent index, the median one-bedroom rent increased a shocking 12.1 percent in 2021 while two bed-room rent rose 13.2 percent. This is even more shocking when you compare the one-bedroom rent increase in 2019, just 0.3 percent, and in 2020 just 0.6 percent.
Home prices and rent tend to move in tandem with each other. Lower rents and home values in the fall and winter when people are less likely to move. Zumper is predicting rent growth to normalize in 2022 based on the recent indications in their November data. However, Fargo-Moorhead home values should remain stable due to an incredibly low inventory of homes for sale. As we move into the spring of 2022 buyer demand will intensity.
Are you tired of paying for rent (a.k.a money that you’ll never see again)? Then it’s time to build equity by owning your own home. Our agents will help you through the home buying process, step by step, and guide you through the competitive homebuying market to find a place you’ll love! Contact us today!
Jeff Andrews, et al. “Zumper National Rent Report.” The Zumper Blog, 22 Nov. 2021, https://www.zumper.com/blog/rental-price-data/.