Tuesday, August 16

Rent prices at all time high, tenants struggle with price hikes

At a time when rising gasoline and food prices are already straining Americans’ budgets, many apartment tenants are grappling with soaring rents.

The Miami-Fort Lauderdale-West Palm Beach metropolitan area in Florida saw overall median rent soar over 50% in April from a year ago, to $3,045 a month, according to Realtor.com.

The next biggest increase? The central Florida metropolitan area made up of Orlando, Kissimmee and Sanford, where the median rent jumped 32.9% from April last year to $1,927, the firm said.

Nationally, the median rent climbed to $1,827, an increase of about 17% versus the same month last year, according to Realtor.com, which tracks rental listings in the 50 biggest US metropolitan areas.

“The fact that rents are rising much higher than we’ve seen historically is a reflection of the unique time that we’re in, where the economy is adjusting to a couple of extraordinary years and shifts in preferences,” said Danielle Hale, Realtor .com’s chief economist.

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