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Rents reach 'insane' levels across US with no end in sight

Soaring Rents
Rebecca Blackwell/AP
Krystal Guerra, 32, poses for a picture outside her apartment, which she has to leave after her new landlord gave her less than a month's notice that her rent would go up by 26%, Saturday, Feb. 12, 2022, in the Coral Way neighborhood of Miami. Guerra, who works in marketing while also pursuing a degree part-time, had already been spending nearly 50% of her monthly income on rent prior to the increase. Unable to afford a comparable apartment in the area as rents throughout the city have risen dramatically, Guerra is putting many of her belongings into storage and moving in with her boyfriend and his daughter for the time being. (AP Photo/Rebecca Blackwell)
Soaring Rents
Posted at 10:05 AM, Feb 20, 2022
and last updated 2022-02-20 12:05:32-05

Rents have exploded across the country, causing many to fall behind on payments, dig deep into their savings or downsize to subpar units.

According to Realtor.com, median rent rose an astounding 19.3% from December 2020 to December 2021 in the 50 largest metro areas in the U.S. Experts say many factors are responsible, including a nationwide shortage of housing, extremely low rental vacancies, and unrelenting demand as young adults continue to enter the crowded market.

Rising rents are an increasing driver of high inflation in the U.S. Analysts expect rents to continue to rise this year, but at a slower pace, thanks to increased construction.

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