Rents reach ‘insane’ levels across US with no end in sight

 

Source: R.J. Rico, AP News

In the 50 largest U.S. metro areas, median rent rose an astounding 19.3% from December 2020 to December 2021, according to a Realtor.com analysis of properties with two or fewer bedrooms. Nowhere was the jump bigger than in the Miami metro area, where the median rent exploded to $2,850, 49.8% higher than the previous year.

Rising rents are an increasing driver of high inflation that has become one of the nation’s top economic problems. Experts say many factors are responsible for astronomical rents, including a nationwide housing shortage, extremely low rental vacancies and unrelenting demand as young adults continue to enter the crowded market.

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