As fast-rising real estate values during the COVID-19 pandemic priced more people out of home buying, rental markets became more competitive among consumers.
On the supply side, inflation in the cost of materials, rising interest rates, and tightness in the labor market have all contributed to difficulties in developing new housing stock. With fewer units available, prices have risen dramatically.
Here are the key takeaways from the report for the Asheville, NC metro area:
- Median rent in Asheville is $1,812, with a median price of $1,523 for 1-bedroom units, and $1,709 for 2 bedrooms.
- Median rent for the U.S. overall is $1,782. For 1-bedroom units, we’re looking at $1,423; 2-bedroom units, $1,716.
- Looking at midsize metros only, Asheville ranked 20th in the analysis.
Residential Rent Prices by Location
Source: Construction Coverage analysis of U.S. Department of Housing and Urban Development data | Image Credit: Construction Coverage
Here is a link to the complete results of the analysis, with data on more than 350 metros and all 50 states, including median rent for studio, 1-br, 2-br, 3-br, and 4-br units in every location.