Asking multifamily rents rose a staggering 15% in January nationwide to an average of $1,891, according to new research from Redfin, a jump that reflects the largest annual increase since February 2020. Rents were up 0.7% month over month and 15.2% year over year.

The national median monthly mortgage payment for buyers also climbed 25% year-over-year to $1,595. That's also the biggest increase Redfin has noted since the firm began tracking such data. Payments are up 3% over December figures.

"Moving right now is expensive, whether you're renting or buying," said Redfin Chief Economist Daryl Fairweather. "One of the only ways to avoid high housing costs is to move somewhere cheaper, but the list of places that are truly inexpensive is shrinking. Rising mortgage rates are squeezing more Americans out of the for-sale market, which will likely put increasing pressure on rents in the coming months."