Biden Economy: Rents Soaring Nationwide as Inflation Reaches 40 Year Highs
Median rent across America’s 50 largest cities rose 20% over the last year, according to an analysis from Realtor.com.
The largest increase was seen in red states, like Florida, where thousands of new residents arrive every month, escaping blue (Democrat-controlled) states where both costs and quality-of-life issues have accelerated the migration out of progressive cities.
The largest 12 month increase in rent occurred in the Miami metro area, where rents for 2 bedroom apartments increase 50 percent, to a staggering $2850 per month. Tampa, Orlando and Jacksonville also saw dramatic increases in median rents.
Cities in other red states saw similar increases in rents as the population boom in those cities continues. Austin Texas and Memphis Tennessee saw increase of over 25 percent over the last twelve months.
According to a national rent analysis from Zumper, New York City is currently the most expensive city to rent a one bedroom apartment at $3260 per month, while San Francisco has the highest rents for two bedroom apartments, at $3930.
Meanwhile, rental vacancy rates during the fourth quarter of 2021 fell to 5.6 percent, the lowest rate since 1984. – READ MORE
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