Rents hit a record high in July for the 17th month in a row, putting ever more pressure on renters.
The national median rent hit a new record high of $1,879 a month in July, up 12.3% from a year ago, according to Realtor.com. While rents have been hitting new records for nearly a year and a half, there are some early signs that the market may be starting to cool off: July marked the sixth-straight month of moderating growth, retreating from a 17% year-over-year rent increase in January.
Many renters have been scrambling to find a rental they can afford or opting to absorb a rent increase on their current place. But moving into a new apartment has been costlier for renters, according to a survey from Avail included in the Realtor.com report. Still, the rental landscape isn't back to its pre-pandemic picture. While cities are still pricier, the gap between urban and city rents has narrowed. A renter would have paid a 12.4% premium to live in an urban area in July 2019, but that premium was only 5.8% -- or $107 a month -- in July 2022.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US rents hit a record high for the 17th month in a rowRents hit a record high in July for the 17th month in a row, putting ever more pressure on renters.
Read more »
Rents hit record high for 17th month in a rowMonthly rents in the U.S. hit a record high for the 17th month in a row in July, according to a report from Realtor.com.
Read more »
Denver-area businesses that survived the pandemic are now shuttering over raised rents, labor shortageA spate of Denver-area businesses that survived the COVID-19 pandemic are shuttering their doors for good this year — and often not by choice.
Read more »
How NYC landlords continue to use a rent law loophole to spike regulated rentsDespite a crackdown on how landlords can charge for regulated apartments, delays in state regulations allow building owners to “Frankenstein” apartments together to dramatically raise rents. Read more:
Read more »
San Antonio has some of the fastest rising rents in the nation — beating out AustinAccording to Redfin, the average cost of rent in San Antonio rose 21% between last month and July 2021, placing the Alamo City as the No. 10 city with the fastest rising rents in the nation. SanAntonio SATX SanAntonioTX
Read more »
With Rents Soaring Across LA, Bell Gardens Becomes The Latest City To Move Towards Rent ControlThe Bell Gardens city council voted to advance a plan that caps annual rent hikes at 4%, joining Pomona in adopting new rent controls.
Read more »