Rents in the US climbed to a new record high again in April, and they are expected to keep rising.
Highlights
- The national median rent was $1,827 a month in April, up 16.7% from a year ago.
- If recent trends continue, the typical rent could be more than $2,000 a month by August.
- The continued surge in rental prices is driven by a mismatch between rental supply and rising demand, says Realtor.com’s chief economist.
- Some prospective homeowners are opting to keep renting instead of buying a home, says Danielle Hale, an economist.
- April marks the third consecutive month in which annual rent growth has slowed from the peak in January, the report says.
- There are some signs the pace of rent increases is starting to slow.