Rent prices jumped 17% since last year, hitting new record
(CNN) - According to a report from Realtor.com, the national median for rent was $1,792 last month.
That’s a 17% jump from a year ago, marking double-digit increases for studio apartments, one bedroom and two bedrooms.
February’s new high makes the typical apartment $283 more expensive each month than it was in 2020, before the coronavirus pandemic.
According to experts, that marks a nearly 20% increase over the past two years.
February was also the 7th straight month of double-digit percentage increases after rentals were cratered in some of the biggest cities during the pandemic.
The website’s chief economist said rental prices will likely remain high but that some cooling is expected.
Miami saw the fastest growth, with the median rental price spiking 55% in February from a year ago.
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