Renters across US face sharp increases – averaging up to 40% in some cities | US news | The Guardian

Rental prices across America have soared over the past year, with some cities experiencing average price hikes of up to 40%, leaving many renters stunned and grappling with either having to move to be able to afford rent or pay significantly more of their income to remain in their homes.

He found a smaller, more expensive 700 sq ft apartment for $1,500 a month. After living there for one year, he recently received a lease renewal letter stating his monthly rent would be increased to $1,947.

Between 2001 to 2018, renter incomes grew by 0.5% while rental prices increased by 13%, leaving 20.4 million households, nearly half of all renters in the US, burdened by the cost of rent with more than one-third of their income going toward rent and utility bills.

Renters across US face sharp increases – averaging up to 40% in some cities | US news | The Guardian

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