Rents hit all-time high
The national median price of a one-bedroom rental apartment in January was up 12% year-over-year, to $1,374 — an all-time high, per Zumper, an online apartment rental site.
Why it matters: Inflation is taking a bigger bite out of people's paychecks these days not only in food and gasoline, but also in housing costs.
Driving the news: Zumper, which has been tracking rental price data since 2014, released data this week that showed staggering increases in rental prices.
- The median two-bedroom rose to $1,698, a 14.1% hike over January 2021.
- "For the national index to move by double digits takes incredible price increases everywhere, and that’s exactly what we’re seeing," Zumper said in a release.
- "These still-rising prices also reflect a pre-existing housing shortage that will likely continue to push rent up in 2022."
Context: Last January, the year-over-year rent increase was 0.6% over 2020; the prior year, it was 0.3%.
Details: While New York claims the highest rents, Boston is poised to overtake San Francisco for the #2 slot in the coming months, Zumper says.