Since the pandemic, rental costs around the country have surged a total of 26% – but they may be finally slowing in earnest. Here are the U.S. cities where rent is rising the fastest.
Let's start with the bad news for U.S. renters: Since the pandemic, rental costs around the country have surged a total of 26%. Now for the good: Rents are finally slowing in earnest, a new analysis shows.
Rent for single-family homes rose an average of 3.7% in April from a year ago, the twelfth straight month of declines, according to real estate research firm CoreLogic. "Single-family rent growth has slowed for a full year, and overall gains are approaching pre-pandemic rates," Molly Boesel, principal economist at CoreLogic, said in a statement.
The spike in housing costs since the public health crisis erupted in 2020 has been driven largely by a shortage of affordable housing coupled with unusually strong demand. Soaring rents in recent years have amplified the pain for millions of households also coping with the skyrocketing prices of food and other daily necessities. the Federal Reserve's 2% annual targetAcross the U.S., rents are rising the fastest in Charlotte, N.C.
The following metro areas round out the top 20 cities with the fastest rental increases in April from a year ago, along with the typical monthly rent for a 3-bedroom place, according to CoreLogic:New York/Jersey City/White Plains, N.Y./N.J.—5.7%, $3,068Tuscon, Ariz.—4%, 4%, $2,036
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