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.
