Naples  leads the nation in highest median rent prices for the second half of 2022

(BUSINESS WIRE)— HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, today released its latest National Rental Report, which compares insights from H2 2021 and H2 2022 to explore trends shaping the U.S. rental market for single-family detached listings, including price and supply shifts across the top 65 metropolitan statistical areas (“MSAs”) with the most rental market activity.

HouseCanary measures listing volume, new listings, and median listing price for 46 states and 204 MSAs. This report summarizes all single-family detached listing records from January 2020 to December 2022.

HouseCanary Co-founder and Chief of Research Chris Stroud said, “In the second half of 2022, inventory for single-family rentals virtually doubled since the same period in 2021, indicating less competition among renters for single-family houses across the country. Median list prices maintained record highs due to robust rental demand. Analysts expect the Federal Reserve to keep raising rates, therefore we expect high rental demand in 2023.

HouseCanary’s research on the second-half 2022 single-family detached rental market found the following:

Supply has reduced single-family rental competitiveness.

The weekly average of listings increased 89.9% year-over-year in the latter six months of 2022.

As the pandemic fades, real estate investment in southern states like Florida, Georgia, and South Carolina has grown.

Charleston, South Carolina, and Naples, Florida, saw 25.3% and 24% median rental price increases, respectively.

Despite significant supply increases, rents remain historically high.

Memphis, Tennessee had the biggest year-over-year median list price decline at 5.8%.

Sunshine States have the highest median rents for H2 2022.

California and Florida MSAs have high single-family median monthly rental prices. These two states had 60% of the 10 highest average monthly rents, with Naples, Florida topping the list at $5,446.

The Industrial Midwest was one of America’s most popular real estate markets in the first half of 2022, but the second half showed otherwise.

In the Midwest, median monthly single-family rental costs have flatlined while other regions saw the largest drops. In the second half of 2022, Cleveland, Ohio saw the most monthly drop at 17.7%.