Rents hit a record high in July for the 17th month in a row, putting ever more pressure on renters.
The national median rent hit a new record high of $1,879 a month in July, up 12.3% from a year ago, according to Realtor.com. While rents have been hitting new records for nearly a year and a half, there are some early signs that the market may be starting to cool off: July marked the sixth-straight month of moderating growth, retreating from a 17% year-over-year rent increase in January.
Many renters have been scrambling to find a rental they can afford or opting to absorb a rent increase on their current place. But moving into a new apartment has been costlier for renters, according to a survey from Avail included in the Realtor.com report. Still, the rental landscape isn't back to its pre-pandemic picture. While cities are still pricier, the gap between urban and city rents has narrowed. A renter would have paid a 12.4% premium to live in an urban area in July 2019, but that premium was only 5.8% -- or $107 a month -- in July 2022.
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