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Rents grew 9.2% year-over-year in July.

By Les Shaver | August 20, 2021

Article via Globest.com

Rents grew 9.2% year-over-year in July, pushing beyond pre-pandemic levels, according to the July 2021 Zillow Real Estate Market Report.

The monthly increase in the Zillow Observed Rent Index (ZORI) was the fastest observed by Zillow, which has been tracking data since 2015. In addition, Zillow estimates that the US ZORI in July was 2.9% ($52) higher than where it would have been if the last roughly 18 months had been more ‘normal.’null

In June, rents recovered from a difference of -3% (-$55) at their lowest point last September and first surpassed their pre-pandemic trajectory in June. At that point, rents were stalling while home sales were taking off. But that dynamic is beginning to change.

Zillow says that nine of the nation’s 50 largest metros—Tampa, Riverside, Las Vegas, Jacksonville, Memphis, Phoenix, Virginia Beach, Atlanta and Miami—saw rent levels 10% higher than their projected rent levels for July based on pre-pandemic trends. Rents in Tampa led the way at 15.6% higher.

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