Rising suburban rent closes gap on urban rent

The affordability gap between urban and suburban life is shrinking.

Driving the news: The median urban rent in 2019 was $175 per month more than the median suburban rent, Realtor.com reported Wednesday. Now, the gap is only $107.

The big picture: An exodus people from big cities during the pandemic has led to increased demand for housing in suburbs.

• "Compared to three years ago when rental price premiums were typically concentrated in urban hubs, renting is now nearly as expensive in the suburbs, where the rise in remote work has driven a surge in demand,” Realtor.com Chief economist Danielle Hale said in a statement.

Yes, but: Urban rents are still higher at a median of $1,928 — and the 2022 gap did widen again slightly from 2021.