Rents in the US climbed to a new record high again in April, and they are expected to keep rising.
The national median rent was $1,827 a month in April, up 16.7% from a year ago, according to a report from Realtor.com. Rent has been steadily increasing since early last year. If recent trends continue, the report projects the typical rent could be more than $2,000 a month by August.
The continued surge in rental prices is driven by a mismatch between rental supply and rising demand, largely from would-be homebuyers, said Danielle Hale, Realtor.com’s chief economist. Beaten down by the high cost of buying a home, some prospective homeowners are opting to keep renting instead.
“Renters are being left with few options but to meet higher rents and, in some cases, even offer above [the landlord’s] asking price — whether they can afford to or not,” she said.
There are some signs the pace of rent……[read more]
How can people afford the cost of rent, especially with the price of homeownership getting further out of reach for many Americans?
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