Rents Reach ‘Insane’ Levels Across U.S. With No End In Sight

(Huffpost) R.J. RICO, June 22, 2022

Median rent in the 50 largest U.S. metro areas has risen by more than 19% over the past year, according to one analysis. Inflation also rose by 7.5% from a year earlier.

Krystal Guerra’s Miami apartment has a tiny kitchen, cracked tiles, warped cabinets, no dishwasher and hardly any storage space.

But Guerra was fine with the apartment’s shortcomings. It was all part of being a 32-year-old graduate student in South Florida, she reasoned, and she was happy to live there for a few more years as she finished her marketing degree.

That was until a new owner bought the property and told her he was raising the rent from $1,550 to $1,950, a 26% increase that Guerra said meant her rent would account for the majority of her take-home pay from the University of Miami.

“I thought that was insane,” said Guerra, who decided to move out. “Am I supposed to stop paying for everything else I have going on in my life just so I can pay rent? That’s unsustainable.”

Guerra is hardly alone. Rents have exploded across the country, causing many to dig deep into their savings, downsize to subpar units or fall behind on payments and risk eviction now that a federal moratorium has ended.

Source: Huffpost