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.

Additional findings from Redfin reveal that living in Midwest America remains the most expensive, followed by renting in the Northeast, Southern, and Western regions.

Both the West and South have likewise seen an increase in rental units, given the growing demand from people looking to avoid mortgages. As such, landlords looking to win tenants over the competition may be more inclined to offer less expensive rates - at least in the beginning.

Across America, numerous apartment complexes remain under construction, which will increase the supply of housing in the future. In the long run, Redfin believes more housing units will mitigate the rising costs of rent.

Americans forced to make lifestyle adjustments

As rent and mortgage prices grow, more people have started looking for roommates, downsizing, or moving back in with their relatives. Given the current state of the economy, some landlords have been cautioned that major rent increases could cost them paying tenants in the long run.

So far, the tight housing supply has been a major contributing factor to higher rents and mortgages. Though as accommodations become more readily available, prices could easily mellow out, giving everyday people some much-needed breathing room.