*A growing lack of housing in the U.S. is leading to rising rents, and rising interest rates make homes more expensive
According to Moody’s, Americans spend an average of 32 of their income on rent in Massachusetts, Florida, and New York, Money Wise reports. In Florida, rental costs have jumped by 4.2% over the last three years.
For renters and homeowners, supply and demand are the main issues at present.
A recent Redfin and Rent.com report found that the median rent average for new renters was nearly at record levels in August, rising by 0.7% from July’s median of $2,038, Forbes reports.
Here’s more from Forbes:
As of September 12, the median rent in August was $2,052, while July’s median was $2,030. August’s median was $2 short of the record-setting price of $2,054 a year ago. By comparison, the average asking rent in 2000 was $1,499. A decade later, the average rose to $1,516.
In the West, the rental average declined 1.1% year-over-year to $2,469 in August. In the South, the rental average declined 0.3% to $1,673, which is the first decline since 2020. The West and South saw significant rental average increases during the pandemic, which have cooled down over the last few years.
In the Midwest and Northeast regions, rental prices have increased significantly. The Midwest saw a 4.6% increase to $1,434 in August, while the Northeast’s average rose 1.2% to $2,509.
“A year ago, you really didn’t see concessions in the market. Fast forward to today, and they are far more common, with landlords offering from one to three months free in an effort to attract new tenants without lowering their asking rents,” Rent.com CEO Jon Ziglar said in a press release.
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