First gas, then heating and now rents. Runaway inflation is driving rents skywards across Joe Biden’s America, delivering an average of a 20 percent increase in the U.S.’s biggest 50 cities over the past 12 months, a study details.
At the same time, U.S. Census Bureau statistics show rental vacancy rates during the fourth quarter of 2021 fell to 5.6 percent, the lowest since 1984 in the the world’s largest economy.
The rent spike has stung wallets nowhere more than in the Miami metro area, where the median rent surged to an eyewatering $2,850, 49.8 percent higher than the previous year.
Other cities across Florida — Tampa, Orlando and Jacksonville — and the Sun Belt destinations of San Diego, Las Vegas, Austin, Texas, and Memphis, Tennessee, all saw spikes of more than 25 percent during that time period, AP reports. Read more…