US Rent Prices : A Pandemic Legacy

US Rent Prices

After the nationwide surge in rent prices throughout the pandemic, the situation may be finally looking up for US renters.

From 2020, rent prices across the country escalated by 26% as a consequence of the public health crisis, fueled by a scarcity of affordable housing and an unprecedented increase in demand.

This drastic rise in housing costs has left countless households grappling not only with inflated rents but also with the spiraling prices of everyday essentials.

However, there seems to be a respite, albeit small, on the horizon.

A new analysis from real estate research firm CoreLogic shows that US rent prices are, for the first time since the start of the pandemic, beginning to decelerate.

Rent prices for single-family homes, which experienced an average increase of 3.7% in April from the previous year, have been steadily declining for twelve consecutive months.

“Single-family rent growth has moderated for a full year, and overall gains are nearing pre-pandemic levels,” stated Molly Boesel, CoreLogic’s principal economist.

US Rent Prices :The Uplifting Yet Puzzling Trend

Despite the Federal Reserve’s annual target of 2%, inflation remained stubborn, rising at double the rate as of May.