Riverside housing rents rose an average of 17.2 percent between February 2021 February 2022, one of the largest increases of any major U.S. metropolitan area during that time.
Average monthly rents in the city during that time were $2,653 a month, while the average monthly mortgage – based on a five percent down payment – was $2,418, a 36.4 percent year-over-year increase, according to Redfin, a real estate brokerage in Seattle.
“The cost of housing is going up for homebuyers and renters, but it’s going up more quickly for homebuyers,” said Redfin Chief Economist Daryl Fairweather, in the statement. “That’s because mortgage rates have increased sharply and will likely continue to do so. When the cost of homeownership increases, many potential homebuyers opt to rent instead, which drives up rental prices.”
Austin, Texas had the highest rent increase – 40.4 percent, with an average monthly rental rate of $2,308 – of any major metro. The average monthly asking rent in the United States rose 15 percent to a record high of $1,901 in February, Redfin reported.