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Rents in Major U.S. Cities Have Risen 14%, On Average – Daily Flash Briefing

February 11, 2022 by Bautis Financial
Rents in Major U.S. Cities Have Risen 14%, On Average

According to a new report, U.S. rent prices take the largest annual jump since February 2019.

Inflation has continued to make headlines in recent months, and as of Tuesday, the Consumer Price Index reported a 0.6% price index increase for all goods in January — driving up annual inflation by 7.5% — marking the biggest gain since February 1982.

Inflation is driving prices of everything, but according to a report from real estate firm Redfin, rental prices in United States cities are seeing a massive increase.

At the peak of the COVID-19 pandemic, rents in major cities were hugely discounted and concessions were common. Many urban residents left their rentals — and permanent dwellings — for a more suburban life. Perhaps they were escaping the threat large crowds of people had become, or they relocated for more affordable housing, or their work-from-home situation no longer required them to be in the city.

Now, according to Redfin’s rental market tracker, average monthly listed rents are up more than 14% from last year. In New York, the costs have risen more than 30%, and in Austin, Texas, 40%.

As a result, many tenants who moved into a rental at a reduced rate over the last two years could face a big hike when their lease is up. 

If you’re currently renting and living in a big city, be prepared to have a conversation with your landlord before your lease ends. And, of course, it always helps to have a back up plan.

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Category: Finance News, Real EstateTag: Price Increase, Real Estate, Rent, Rent Prices, Rental Prices
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