Rents have soared as housing affordability has been crimped by soaring inflation and a shortage of accommodation in some demographics. Over half of US cities are showing double-digit rent hikes, with some over 30%. Renters have been squeezed as real wages decline and the situation is getting more dire in many US metro areas. Last month’s CPI shelter index was up 0.5%, with the rent index up 0.7% and owners’ equivalent rent index up 0.6%. The shelter index is up 5.7% … Continue reading “Where are the Most Expensive and Cheapest Rents in America as Rents Hit New Record in August”
A new report by Freddie Mac has found that the shortfall of affordable rental units has widened considerably over the past six years.