According to Realtor.com, the national median rent increased 12.3% from a year ago to a new record high of $1,879 per month in July.
The rents have been breaking records for almost a year and a half that have some early indications that the market may be beginning to slow down:
Following a 17% year-over-year increase in rent in January, growth has moderated for six months in a row as of July.
The highest rent hikes have been in the South and Northeast. For the tenth consecutive month, Miami witnessed the greatest increase in rents among the 50 major US cities
With a 26.2% increase in rent in the US from a year ago New York, Boston, Chicago, and Orlando came after Miami.
Many tenants are rushing to find a property they can afford or choosing to put up with a rent rise on their current residence.
However, renters have found it more expensive to move into a new apartment, per a poll by Avail that was featured in the Realtor.com report.
Renters have seen larger price increases on new leases than on renewals, which on average saw a $160 monthly increase.
On new leases, renters have seen an increase of roughly $300 per month above their prior rent in the US cities.
After being severely impacted by the pandemic, urban rents are now rising marginally more quickly than those in suburban areas
With rent growth in cities at 12.8% compared to suburban areas' 11.7% year-over-year increase in July, per Realtor.com.