With bated breath, many Americans are looking forward to the day that inflation wanes and prices start to decrease even just a little. As things currently stand, there’s no telling when this moment will arrive.
In fact, inflation is stronger than ever. It’s impacting consumer spending habits, which are trickling over into various industries. Some companies have started increasing their prices, laying off workers, and otherwise making specific adjustments, due to the changing economy.
As the costs of living go up, people are increasingly turning to second jobs, gig work, freelance projects, or other means of bringing in extra income. From the looks of a new Redfin report, they’re going to need these funds.
Redfin confirms that rent prices are soaring
Over the 12-month period ending in March 2024, rent prices have seen a 0.8% year-over-year rise to $1,987 per month.
Largely driving this are increases in mortgage rates; this comes despite more Americans opting to rent properties, rather than outright purchasing them. On social media platforms like TikTok, some people with mortgages have expressed shock over $1,000 increases happening rather suddenly.
