MReport June 2022

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M R EP O RT | 11 MDWELL A ccording to the Monthly Rental Report, new data indicates that rental competition remained persistent in April, as the U.S. median rental price hit a new high— $1,827—for the 14th month in a row. These trends highlight affordability struggles reported by renters in's recently published Avail Quarterly Landlord and Renter Survey, which found higher rents are increasingly cutting into house- holds' budgets for regular expenses and savings. "April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to rent for longer than planned," Chief Economist Danielle Hale said. "Renters are being left with few op- tions but to meet higher rents and, in some cases, even offer above asking—whether they can afford to or not. Avail's new survey shows rents are not only maxing out renters' housing budgets but are the biggest strain on their overall finances, even as inflation drives up expenses across the board." Renters Struggling to Stay Afloat Amid Rising Costs The ongoing rent surge is attributed to limited available rental supply and rising demand, while April rents are maintaining a record-breaking run, despite annual growth cooling slightly. April Median Rent: $1,827 (up 16.7% from April 2021) Studio Apartment Rentals: Up 17.2% annually to a median of $1,499 One-Bedroom Apartment Rentals: Up 15.6% annually to a median of $1,675 Two-Bedroom Apartment Rentals: Up 15.9% annually to a median of $2,552 Projected 2022 growth +7.1% by end of year

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