More than three years of substantial rent increases have had a lasting impact on tenants' budgets, according to CoreLogic's latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas.
The average American renter household spends about 40% of its income on housing costs, with lower-income tenants bearing much of the brunt of inflation, the report said.
The SFRI's low tier saw the largest year-over-year rental cost gain in August (up by 4.2%), while the high tier registered a 2.4% annual increase, despite annual US single-family rent growth easing again in August.
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