Rent prices increased marginally in November, up 1.23% month-over-month to $2,007 from $1,983 in October, following two straight months of falls.
According to Rent.com data, the reversal was caused by rising costs for two- and three-bedroom apartments as well as a rise in pricing for the most costly units.
According to Freddie Mac, a rent increase affected nearly 60% of the roughly 44 million American households that rent, while only 38% reported an increase in income.
“The surge in rents that took place over the last 12 months has created even greater housing uncertainty for the most vulnerable renters,” said Kevin Palmer, head of Freddie Mac Multifamily. “Our survey shows that the national housing affordability crisis is worsening and that inflation is a key driver.”
Of those who saw a rent increase, 15% said it was a hike of more than 10%.
What’s the average rent in 2022?
Although there was a modest increase in rent in November, the average rent in 2022 was $1,326 per month.
This translates to rent paid by Americans to landlords as $58.34 billion every month, or over $700 billion for the entire year.
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