Monthly Estimations in U.S. Residential Rental Markets and Affordability

Abstract

Rental markets around the country have recently spiked causing significant issues in terms of affordability, availability, and even prompting talk of nationwide rent controls. The drivers of this recent phenomenon will, almost certainly, be parsed out in future research. However, there is a critical and pressing need for timely information on recent rent movements in the nation’s rental markets and their affordability. This brief provides information (projected rents, degree of over-or under-pricing relative to historic trends, year over year rent change, and affordability of the average rental unit) for 100 U.S. residential rental markets. A sample of the April 2023 Miami metro market is provided in this brief to deliver guidance on these estimations. Monthly reports are currently provided in the Waller, Weeks, and Johnson Rental Index. The goal of the index is to facilitate more informed decision making by consumers, real estate professionals, and policy makers.