Report Shows Rent Growth Slowed in November, Indicates Return to Historic Norms

Originally published on November 22, 2021, by Jeff Andrews for Zumper.

Notable Trends

  1. Rent has been rising at an alarming rate all over the country throughout 2021, but Zumper’s National Rent Index for November shows for the first time this year a slower pace of rent growth that more closely resembles historical norms. Is this a sign that the rental market is finally cooling off just a blip after months of unsustainable growth?
  2. Large cities in Florida have experienced some of the most rapid rent growth in the country. In particular, rent in Tampa and St. Petersburg has grown so much since the pandemic that both cities have risen substantially on Zumper’s 100 most expensive markets in the United States.
  3. Like a lot of places on the West Coast, the Seattle metropolitan area saw rent drop after the pandemic hit in March 2020. But now 18 months later, Seattle and its neighboring areas are posting sizable year-over-year gains in rent, and rent in Seattle itself is almost back to where it was prior to the pandemic.
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