Photo courtesy of Ashley Brown, Creative Commons license
NEW YORK (AP) – 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.
By R.J. Rico, Associated Press
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