Photo Credit:AlbertPego. /istock
If you’re paying more for rent this year, you’re not alone. Inflation has caused a spike in rent prices across the country. In some cities, rents went up as much as 88 percent in a year.
The monthly rent in the country’s 50 largest cities increased an average of 14 percent in 2021 while climbing far higher in the most coveted markets, according to recent housing data from Redfin, a Seattle-based real estate brokerage.
The average listed rent in the U.S. was $1,877 per month in December. This is the fastest pace for rent increases in decades, CBS News reported. Phoenix saw an 88-percent increase in rents, while Los Angeles saw a spike of 42 percent with average rentals going for $2,644 a month.
Nassau County in New York state and New Brunswick, New Jersey saw rent increases of 35 percent. The Florida cities of Miami, West Palm Beach, and Fort Lauderdale saw a 34 percent spike in rent.
There was only one larger city — Kansas City, Missouri — where rents actually dropped (0.8 percent), according to Redfin.
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People were outraged on Twitter.
“This should be illegal,” tweeted Mercedez (@MercedezUAZ2) of the rental increases.
“Phoenix literally almost doubled in price wtf is going on,” tweeted Andrew (@ColorfulTofu).
Some noted how the rental increases have caused many to move.
“Landlords saw that most of those moving to AZ are from CA. CA is the highest market on the west and wanted some of that $$$,” tweeted RmDefy (@Rm_Defy).
The rental price increases started in 2021 and have continued to climb in 2022. You can expect rents to continue to rise — by about 10 percent this year — according to a report released in February by the Federal Reserve Bank of New York.
“Rents really shot up in the second half of 2021,” Daryl Fairweather, chief economist at Redfin, told The Washington Post. “The pandemic was kind of a pause on the economy, and now that things are reopening, inflation is picking up, rents are going up, and people are realizing they don’t have as much disposable income as they might have thought they had.”
Photo Credit:AlbertPego. /istock https://www.istockphoto.com/portfolio/AlbertPego?mediatype=photography
