Rent Prices Continue To Soar in the United States

Rent Prices Continue To , Soar in the United States.

CNN reports that in April, rent prices in the United States reached new heights, and experts say they will not stop there.

For the month, the median rent in the U.S. was $1,827, up 16.7% from the year prior.

According to a recent report from Realtor.com, average rent prices in the country could be over $2,000 per month by August.

Real estate experts believe the surge in rent prices is due to a lack of supply and increased demand.

Renters are being left with few options but to meet higher rents and, in some cases... , Danielle Hale, chief economist for Realtor.com, via CNN.

... even offer above [the landlord’s] asking price – whether they can afford to or not.

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

Some cities in the United States have experienced jaw-dropping increases in rent prices.

For example, in Miami, Florida, the median price of a rental is $2,800.

That is a $950 increase from 2021.

Rents are not only maxing out renters’ housing budgets, but are the biggest strain on their overall finances... , Danielle Hale, chief economist for Realtor.com, via CNN.

... even as inflation drives up expenses across the board.

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