Rents are rising at their fastest clip in years as the U.S. economy continues its recovery from the COVID-19 pandemic, a development that will no doubt make rental companies happy but could spell trouble for tenants still struggling to make ends meet.

                By                    Vance Cariaga

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The good news is, plenty of rental assistance money is still available for Americans who qualify.

According to a new report from Apartment List, the national median rent from January to July 2021 rose by 11.4% — much higher than during the pre-pandemic years of 2017 to 2019, when rent growth from January to July averaged only 3.3%.

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In fact, the report said, the first half of 2021 has seen the fastest growth in rent prices since the start of Apartment List’s estimates in 2017. Prices are up more than 10% compared to this time last year and 9.4% compared to the pre-pandemic level from March 2020.

“The recent spike has now put actual rents well ahead of the trend they were on prior to the pandemic,” the report said. “The national median rent currently stands at $1,244, which is $44 greater than where we project it would be if rent growth over the past year and a half had been in line with the growth rates we saw in 2018 and 2019.”

In 98 of the nation’s 100 biggest cities, rent growth from January to July 2021 has outpaced the average growth from 2017 to 2019 over the same time period. Rents remain below pre-pandemic levels in only 13 of the nation’s 100 largest cities, and even in these cities, rents have been ticking back up at a furious pace.

For example, San Francisco saw its average rents decline 26.6% from March 2020 through January 2021. But since then, its rents have increased by more than 17%. Boston, Seattle and New York have seen even stronger rebounds.

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To be eligible for rental assistance, at least one member of your household must qualify for unemployment benefits or attest in writing that they’ve lost income or incurred significant expenses due to COVID-19. You also need to show a risk of homelessness, such as a past due rent notice. Finally, your 2020 income level can’t exceed 80% of your area’s median income, though some states might have different income requirements.