With 2022 coming to an end, we decided to take a look back at what Rentometer users analyzed most in our rental pricing database over the past year. In 2022 alone, there were over 6 million searches completed through our website for rental pricing data - not including searches completed through our API offering.
Below is a breakdown of apartment and single-family rental (SFR) searches completed this past year, including searches by building type and bedroom counts, as well as top searched locations in the U.S.
Searches by Building Type
Out of all total searches for both apartments and SFRs, apartments accounted for 35% of all searches and SFRs accounted for 65%. The SFR market has experienced increasing demand since the pandemic, with renters seeking more spacious properties in lower density areas (Core Logic). This increase in demand could explain why real estate professionals searched for more SFR rent prices than apartments in 2022.
Most Searched Bedroom Counts
Apartments by bedroom type
In 2022, Rentometer users searched rent prices for two-bedroom (2-BR) apartments the most compared to other bedroom counts, followed by 3-BR and then 1-BR. To gain more insight on rent prices across popular markets, check out our detailed rental market reports for 1-3 BR apartments.
SFRs by bedroom type
For SFR searches in 2022, Rentometer users searched rent prices for 3-BR SFRs the most compared to other bedroom counts, followed by 2-BR and then 1-BR. To gain more insight on 3-BR SFR rent prices across popular markets, check out our detailed SFR rental reports.
Top 5 Most Searched States
The top five most searched states in 2022 for both apartments and SFRs were: California, Texas, Florida, Ohio, and Pennsylvania.
Top 10 Cities Searched for 3-BR SFRs
The top ten most searched cities for 3-BR SFRs were: Memphis, Tennessee; Indianapolis, Indiana; Jacksonville, Florida; Kansas City, Missouri; Columbus, Ohio; San Antonio, Texas; Oklahoma City, Oklahoma; Milwaukee, Wisconsin; Cleveland, Ohio; and Houston, Texas.
The table below shows a breakdown of average prices in Q4 2022 and the year-over-year change in average rent from Q4 2021 to Q4 2022. Please note that since this article was written before the end of Q4 2022, we pulled data from October 1 - December 19 in both 2021 and 2022 to represent the Q4 data below.
Conclusion
Thanks to our customers for a great year. We look forward to providing more rent rates, rental comps, and trend data to real estate professionals across the board in 2023!
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.