Tuesday 16 August 2022 08:37 PM Rent listings were 23% HIGHER nationwide compared to the same period in 2019 trends now
Rent prices across the country were up 23 percent in the second quarter of 2022 from the same time period in 2019, as landlords in suburban counties have begun capitalizing on work-from home migrants.
The median price for rentals reached $1,314 in the second quarter, according to data released by the US Census Bureau earlier this month.
The data suggests suburban landlords are cashing in on the pandemic flight from cities, according to Axios, and that increased demand brought on by new residents is increasing prices for everyone in suburban markets.
The numbers also indicate that landlords are also hiking rents to make up for soaring inflation-driven costs by passing those costs on to renters.
Though the rent spike slowed in the early summer according to a July report in Redfin, prices continued to steadily rise and are not expected to drop even in the midst of the current recession - as the Fed increases interest rates to battle inflation, would-be buyers are pushed into the rental market and increase demand.
The numbers come as the nation continues to settle into new population landscape brought on by pandemic-era migrations.
The data reaffirms accounts renters have been telling for months of runaway rents pricing them out of home and neighborhoods they've long relied on for affordable housing costs.
'It's greed, pure, unadulterated greed. If you saw my place, you would be shocked that I'm going to be paying over $1,500 a month,' Phoenix resident Andrew Amuso told The Guardian in May.
