Rents Hit Another Alarming Record High — Soaring To 12% Above Last January

  • It’s getting more expensive to rent housing pretty much everywhere in the US. With prices rising at an alarming pace, new data suggests that rental affordability will take a nose-dive in 2022.
  • “For the national index to move by double digits takes incredible price increases everywhere, and that’s exactly what we’re seeing,” researchers from an online renters app called Zumper wrote about the spike in rent.
  • US renters paid $1,374 on average for a one-bedroom unit in January. That’s an increase of 12% and a new record over last year when renters only needed to pay about $1,217.

Alcynna Lloyd from Insider writes:

“Renting is getting more expensive everywhere. Prices are rising at an alarming pace, and new data suggests rental affordability will falter in 2022.

In January, US renters paid $1,374 on average for a one-bedroom unit, according to Zumper. That’s a 12% increase from last year when renters only needed to pay around $1,217. This growth marks a new record and highlights just how fast rents are climbing. In 2021 and 2020, rents increased only 0.6% and 0.3% year over year in January, respectively.

“For the national index to move by double digits takes incredible price increases everywhere, and that’s exactly what we’re seeing,” Zumper researchers wrote.

After steadily growing in 2021, inflation in December was the strongest in almost four decades. Americans are feeling the burden in their wallets, especially in relation to housing costs. Housing affordability has been on the decline for years and inflation isn’t helping. As priced-out buyers forsake homeownership, the rental market is likely to become even more expensive in the months to come.

“These still-rising prices also reflect a pre-existing housing shortage that will likely continue to push rent up in 2022,” Zumper researchers wrote…”

See full story here.



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