Rent Prices Hit Record High, , Soaring 17% Since Last Year.
CNN reports rent prices in the
United States hit new highs in February.
as the average cost of renting an apartment has increased more than $283 since the onset of the COVID-19 pandemic.
In February, the median rent price in the United States was $1,792 per month.
That's an increase of 17% since 2021.
With rents up by nearly 20% over the past two years, rental prices are likely to remain high, , Danielle Hale, chief economist at Realtor.com, via CNN.
... but we do expect some cooling from the recent accelerated pace. , Danielle Hale, chief economist at Realtor.com, via CNN.
Experts say rent growth has been driven
by increased demand, as many younger Americans can't afford to buy a house.
Experts say recent trends
indicate prices for renters won't
be going down anytime soon.
With rental demand
already outmatching supply,
rental affordability will remain a challenge. , Danielle Hale, chief economist at Realtor.com, via CNN.
A general rule for renters is to keep housing costs to around 30%, but as
prices soar and inflation runs rampant.
affordable housing may soon
become a major issue for the
poorer citizens of the United States