For the first time, the average monthly rent has surpassed $2,000. An increase that is four times faster than income.
According to a new report from Redfin, the technology-powered real estate brokerage, rent prices for apartments are up 15% from May 2021.
“More people are opting to live alone, and rising mortgage-interest rates are forcing would-be homebuyers to keep renting,” said Redfin deputy chief economist Taylor Marr.
“These are among the demand-side pressures keeping rents sky-high. While renting has become more expensive, it is now more attractive than buying for many Americans this year as mortgage payments have surpassed rents on many homes. Although we expect rent-price growth to continue to slow in the coming months, it will likely remain high, causing ongoing affordability issues for renters,” he continued. Read more…