Rent Prices Hit Record High, Soaring 17% Since Last Year

Rent Prices Hit Record High, , Soaring 17% Since Last Year.

CNN reports rent prices in the United States hit new highs in February.

As the average cost of renting an apartment has increased more than $283 since the onset of the COVID-19 pandemic.

In February, the median rent price in the United States was $1,792 per month.

That's an increase of 17% since 2021.

With rents up by nearly 20% over the past two years, rental prices are likely to remain high, , Danielle Hale, chief economist at Realtor.com, via CNN.

... but we do expect some cooling from the recent accelerated pace.

, Danielle Hale, chief economist at Realtor.com, via CNN.

Experts say rent growth has been driven by increased demand, as many younger Americans can't afford to buy a house.

Experts say recent trends indicate prices for renters won't be going down anytime soon.

With rental demand already outmatching supply, rental affordability will remain a challenge.

, Danielle Hale, chief economist at Realtor.com, via CNN.

A general rule for renters is to keep housing costs to around 30%, but as prices soar and inflation runs rampant.

Affordable housing may soon become a major issue for the poorer citizens of the United States