The Hustle surveyed 3k+ renters and landlords to find out how much rent has gone up in 2022, and what’s driving the surge
By Zachary Crockett, The Hustle
Back in May, Jennifer Davis received a written notice from her landlord: In 30 days, her rent would go from $1.4k to $1.8k — a 25% jump.
Davis, a single woman in her 40s living in Austin, Texas, was used to small market adjustments each year on her one-bedroom apartment. But $400 seemed excessive.
“Nothing about the building or the unit changed,” she told The Hustle. “They basically just said, ‘The market’s hot.’”
For many Americans, it’s a familiar tale.
In the past year, nearly every essential good or service — food, utilities, transportation — has escalated in price. But hikes in rent, typically the biggest monthly expense, have hit especially hard.
The Hustle recently ran a survey of 2.3k renters and 740 landlords to gain more insight into how much rent has gone up in the past year, and why landlords are boosting up their rates.
Among our findings:
71% of renters had rent hikes in 2021-2022
The average increase was 14.6% (or $275/mo)
In certain hot spots (Miami, San Diego, Austin), average rent went up 25%+
4 out of every 10 renters spend more than 30% of their gross income on rent
More than half of all landlords cite market demand as the reason for rent hikes
Who got rent hikes in the past year?
Our survey is just a tiny sample size of the 44m renters in the US, so this data shouldn’t be taken as a definitive representation of the rental market at large. The Hustle’s audience is also largely comprised of young professionals who live in nonrural (city or suburban) areas.
That said, these figures still provide a useful snapshot of what the market is like for a certain segment.
Of our respondents:
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73% rent an apartment/condo (27% rent a single-family home)
71% rent a dwelling that is 2-bed or smaller
63% don’t have any roommates
66% have been in their rental for 3 years or less
90% have not had a late payment in the past year
Across the board, 7 out of 10 renters who responded to our survey said their rent went up in the past year (July 2021 to July 2022).