HomeReal EstateRents Surge Nationwide to Reach Record Numbers

Rents Surge Nationwide to Reach Record Numbers

The U.S. home market is in a state of skyrocketing costs, and the effects are being felt by both homebuyers and renters. The latter category is especially having it tough as rent reached record numbers in May.

According to the Monthly Rental Report by Realtor.com, the median monthly rent in May was $1,849. This represents a 15.5 percent increase from 2021 and more than a 25 percent increase compared to the same period in 2019. Realtor.com’s data show that this is the 15th consecutive month of a new record rent.

Of course, some parts of the country have had it a lot worse than others. Renters in Miami had it the worst, as the rent increased 40.8 percent on average. Orlando and Phoenix metropolitan areas followed with 25.8 percent and 17.8 percent hikes, respectively.

The trend of hiking rents isn’t expected to slow down anytime soon. If the growth continues to follow the May pace, renters could face median monthly rent of $2,000 in late 2022. However, under the most optimistic projections, this mark could be held off until early 2023.

“There’s no question that renters are facing sky high prices. And with rising inflation reflecting price jumps for both rents and everyday expenses, many renters are feeling the strain on their finances,” Realtor.com’s chief economist Danielle Hale said in a statement.

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