Average Rent Up 16% In Wright County Since Pandemic Started: Report

WRIGHT COUNTY, MN — The average cost of rent has climbed at a higher rate in Wright County than any other county in Minnesota since the start of the COVID-19 pandemic, according to a recent analysis published by the Washington Post.

The average rent in Wright County rose 16.2 percent — to $1,063 — from the first quarter of 2020 to the first quarter of 2022, according to the analysis, titled “Rents are rising everywhere. See how much prices are up in your area.”

The Washington Post’s analysis, which includes an interactive map displaying county-level data, uses rent prices for units in multi-family properties, based on estimates from real estate research firm CoStar Group. The Washington Post said it analyzed U.S. counties with at least 1,000 units.

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Average rent costs were up 11.3 percent nationally in 2021 and “continue to rise at the fastest pace in decades, making housing costlier than ever for many Americans,” the Washington Post reported.

Only about three dozen U.S. counties included in the analysis have average rents that are lower in 2022 than in 2020, with none in Minnesota.

Dennis Shea, executive director of the J. Ronald Terwilliger Center for Housing Policy at the Bipartisan Policy Center, told the Washington Post that “the lowest-income families are being hardest hit by rising rents and a lack of supply."

Pandemic-related shortages and construction delays are also slowing down production of new homes and rental units, the Washington Post reported.

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Wright County’s average rent increase of 16 percent is the state’s highest, ahead of Chisago County (15 percent), Isanti County (14.6 percent) and Washington County (11.4 percent), according to the Washington Post. All other counties in Minnesota were below the national average.

The average rent has grown by 5 percent — to $1,354 — in the Minneapolis-St. Paul-Bloomington metropolitan area since the start of the pandemic in 2020, the Washington Post reported. That rate is tied for the fifth-lowest of all 190 metro areas with at least 250,000 people that were included in the analysis.

Four of the top five metro areas with the fastest growing rents are in Florida, with rents climbing 39 percent in the past two years in the Naples-Marco Island metro area and 35 percent in the North Port-Sarasota-Bradenton metro area, according to the Washington Post.

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Chambers County, Alabama, has seen the highest rate of rent growth since 2020 — 44 percent — followed by Rockdale County, Georgia, at 40 percent, the analysis shows.

Read the full analysis at the Washington Post.

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