Over half of renters surveyed say their annual bill rose by more than $1,000 in the last year.
Key Details
- A Census Bureau report recently found that 55% of respondents reported their rental bill rose by at least $1,200 in the last year.
- Per month, the same respondents report that their rent has risen by at least $100.
- Some respondents reported even greater monthly increases, with around 2.3 million reporting a $500 monthly increase.
- Rental prices may be starting to decline, but for many renters, they are already locked into expensive lease agreements.
Why it’s news
The rent increases aren’t just affecting high-income households. The Census report found that over 1.4 million renters with a monthly payment increase of $500 make less than $75,000 yearly.
While most cities saw rental increases, the severity of the increase varied from city to city. Miami, Phoenix, and Seattle, for example, had fairly large rent increases, while New York’s increases were on the smaller side.
Backing up a bit
Median rent in the U.S. rose 7.8% year over year during October—marking the slowest growth since August 2021.
Rent in the U.S. has reached $1,983—a 7.8% increase since the previous year. While an increase, it is the slowest growth since August last year, realty group Redfin found.
This marks the fifth month that rent growth has slowed and the second month that the growth has been in the single digits. October rents rose at around half the pace of six months before.
