From the Record:
Rents are skyrocketing. This report breaks down just how much
Housing prices just don’t seem to be letting up.
In February, rentals saw the largest increase in price nationwide in more than a year, according to Rent.com’s March Rent Report. Average rent prices rose by 2.25% last month compared with February 2023, marking the first time rent prices have increased by more than two percentage points since January 2023.
The median price of an apartment across the country in February was $1,981. Though this is still 21% higher than rental prices seen before the pandemic, it is lower than when median rents peaked at $2,053 in summer 2022.
“Factors contributing to rising rental prices in February include pressure from the housing market, with significant annual gains in home prices — which marked the highest increase in more than a year — coupled with high interest rates,” the report said.
The report also credited February’s 3.2% increase in inflation for the increased rental prices, affecting the Federal Reserve’s decision on lowering interest rates, keeping more individuals renting rather than buying.
The report said the Northeast saw the largest regional increase in rent prices in the country as of February. With rates in this area currently standing at their highest point since August 2023, median rent prices in the Northeast rose by 5.3% — from $2,357 to $2,481 — from prices seen at this time last year.
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In the New York metropolitan area specifically, the median cost of an apartment is $4,166 — a 6.09% increase from February 2023 and a 1.30% increase from January 2024.