Report: Madison rents rise 14.7%

A new report from Stessa looking at the U.S. locations with the greatest rent increases from 2019 to 2022 found that median rent in the Madison metro area is now $1,283, compared to $1,119 in 2019 — an increase of 14.7%. Historic inflation and the cost of housing increases have the most significant pressures on household finances. Renters in many markets across the country are seeing increases of 20% or more as they sign new leases and the nationwide rental vacancy rate is at just 5.6%. The U.S. has an estimated shortage of nearly 4 million housing units. With rising real estate prices, 70% of the growth of the rental market since 2009 has come from higher-income earners who might otherwise have bought a home.