*We previously reported, per 24/7 Wall St., that “Home prices in America rose about 20% nationwide last year, compared to 2020. In some cities, the pace was double that,” the outlet writes.
According to a recent study by rental listings site Zumper, “the median rent for one- and two-bedroom apartments has risen 12% and 14.1% respectively since January 2021 – — a new all-time high,” CNBC writes.
The Zumper report cites “pent-up demand, supply-chain disruptions, and reduced home construction during the pandemic” for the rising housing costs.
The site complied a list of the 25 most expensive cities for a two-bedroom apartment — check out the listing below.
READ MORE: Which City Has the Cheapest Rent in America?
“In markets where home values are going up precipitously, that’s also dragging rent up,” says Jeff Andrews, the author of the Zumper study. “And competition for home sales has been so ridiculous. If you’re a renter, and you’re trying to buy in that environment, you’re probably getting priced out.”
Here’s more from CNBC:
One positive note for renters is that the increase in rental prices has cooled somewhat, with a 0.2% month-over-month increase in January, compared to an average monthly increase of 1.93% during the summer months of 2021. However, seasonality might be in play with these rates, as the rental market tends to cool off during the winter, Andrews says.
“There is a little more inventory coming online in 2022, relative to 2021, and certainly 2020, but certainly nothing that’s going to satiate the gap in supply that has been building over 10 years, 15 years now,” says Andrews of the forthcoming increased supply of rental units, per the report.
Rental prices are said to be too damn high in New York, Boston and Los Angeles and have reportedly spiked even higher amid the pandemic.
San Francisco remains the most expensive city in the country to rent a two-bedroom apartment.
Per the report, in Arizona, Florida, Tennessee and Texas, rent prices have increased by about 15 to 25%.
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