Rent prices have steadily increased over the past year nationwide. | Giorgio Trovato on Unsplash
Rent prices have steadily increased over the past year nationwide. | Giorgio Trovato on Unsplash
The price of rent is up across the United States, and that includes Quaker Street where rent is up nearly 27%- and that’s not even the highest in the country.
According to a mid-March report by rent.com, rent across the country has significantly increased year-over-year. The average price of a one-bedroom apartment is up 24.4% from last year at $1,684. A two-bedroom apartment’s average price is $1,997, which is up 21.8%. In Pennsylvania it has been even worse at 26.19% increase, but states like Arizona, Florida and Oklahoma are at almost a 50% increase. Long Beach, California, is the high point, up 56.7% for a one-bedroom apartment.
“State to state, rent prices are up nearly across the board compared to this time last year,” the rent.com report stated. “More than 97% of states have seen significant increases in rent prices for both apartment types.”
The only state that did not see a year-over-year increase for one-bedroom apartments is Nebraska, according to the report.
CoreLogic, a leading global property information, analytics and data enabled solutions provider, said that the U.S. single-family rent prices started 2022 strong at an increase of 12.6% year-to-year compared to 3.9% in January 2021.
“Single-family rent growth extended its record-breaking price growth streak to 10 consecutive months in January,” said Molly Boesel, principal economist at CoreLogic, in a recent press release.
A report by Fox Business in early March said that rent prices are expected to rise even more this year. Zillow economist Nicole Bachaud told the news outlet, “in a lot of places, it costs more money even to rent than it is to own a mortgage.”
According to a Wall Street Journal report, lawmakers in large cities across the nation are looking toward rent-control measures where landlords would be allowed to boost monthly rents by no more than 2% to 10%.
“Rents are exploding at a pace far faster than income,” Stijn Van Nieuwerburgh, a Columbia Business School economist and professor, told the WSJ.
In the past President Joe Biden has had plans to make housing more affordable by issuing Section 8 vouchers to those who spend 30% of their income on rent, according to a December 2020 report by fee.org. He continued similar efforts in 2021, as well.
"One likely unintended result of this policy is that landlords will raise rents without the renter feeling the pain of the increase because the faceless taxpayer will pick up the differences,” Daniel Kowalski, a businessman, wrote in an article published by fee.org.
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