Redfin reported the largest year-over-year national apartment rent increase since 2020 when February's rise came in at 15 percent while mortgage payments spiked by 31 percent. Both figures are the highest since Redfin began tracking this in 2019.
The average monthly asking rent stands at $1,901, according to its report and the mortgage payment soared to $1,716.
"The cost of housing is going up for homebuyers and renters, but it's going up more quickly for homebuyers," Redfin Chief Economist Daryl Fairweather said in prepared remarks. "That's because mortgage rates have increased sharply and will likely continue to do so.
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