In the first half of 2022, rents increased by 5.4% nationwide, and by double-digit percentages in some major cities, Apartment List said.
With home prices and mortgage rates this high, many prospective homeowners are choosing to rent longer, opting to wait it out until prices normalize. But rents are also increasing, helped along by a housing-supply shortage that’s hiking the cost of living for millions of Americans. The national median monthly asking rent even surpassed $2,000 for the first time in May, according to Redfin,
“Rents are surging given that housing supply is still tight; plus, prices are also going through the roof,” Jennifer Lee, senior economist at BMO Capital Markets, told MarketWatch. With home prices showing some signs of dropping in some overheated markets, there could be some relief to come for renters.
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