Updated Jan 29, 2022 - Economy & Business

Rents hit all-time high

Data: Zumper; Chart: Axios Visuals
Data: Zumper; Chart: Axios Visuals

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.

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