ROUNDUP NEWSWIRES: US Rental Price Surge Slows, but Costs Remain High in Major Cities
Since the pandemic started, rental costs in the U.S. have increased by 26%.
However, new research indicates that the growth of rent prices is slowing down.
In April, rent for single-family homes increased by 3.7% compared to the previous year, marking a year-long trend of decreases.
The reason for the high rental prices since the start of the pandemic in 2020 has been a lack of affordable housing and a high demand.
Despite inflation easing, it was still rising at double the Federal Reserve’s 2% annual target in May.
Charlotte, N.C. saw the fastest rent increase in the U.S., with a rise of nearly 7% in April compared to 2022.
Boston, Orlando, Chicago, New York, and St. Louis were among the top 20 cities with the fastest rental increases.
If you’re on a budget of $1,500 per month, you’ll get more living space in places like Wichita, Kansas; Toledo, Ohio; Oklahoma City and Tulsa, Oklahoma; and Memphis, Tennessee.
In contrast, that same amount of money will get you less than 400 square feet in cities like Boston, Manhattan, and San Francisco.
.jpg)
No comments:
Post a Comment