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Monthly rent prices on the rise

Rent prices are up 3.7% compared to last month, according to Apartment List.
Rent prices are up 3.7% compared to last month, according to Apartment List.(WVIR)
Published: May. 30, 2021 at 9:29 PM EDT
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CHARLOTTESVILLE, Va. (WVIR) - Across the nation, and here in Charlottesville, rent prices are increasing rapidly.

Rent for an apartment this month in Charlottesville will be 3.7% higher compared to the price of rent last month, according to Apartment List. That outpaces the national increase in monthly rent prices, sitting at a 2.3% increase.

Rob Warnock, a research associate at Apartment List, said this comes with pent-up demand after a slower, and cheaper year for the housing market, putting an end to “pandemic pricing.”

“We see that rent prices today, after going down last year, have come up this year, so quickly, that the price has actually exceeded the kind of extrapolated, projected price of what it would’ve been, without the pandemic,” Warnock said.

If you’re looking to rent soon, Warnock said do it sooner rather than later. He’s not expecting rent prices to stop increasing, at such a fast rate, until the winter.

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