Realtor.com says renters are "stuck between a rock and a hard place" as rents continue to rise – suburban rents, especially – and residents are struggling with persistent inflation costs.
Driven by migration away from expensive city centers during the pandemic, the rental price advantage of living in the suburbs (vs. urban areas) has shrunk by 52.9% compared to three years ago, according to the Realtor.com monthly rental report released today.
The U.S. median rental price hit an all-time high for the 17th month in a row in July at $1,879; and, on average, renters saw a $160/month increase in rent at renewal. New leases were going for a $300 per month hike.
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