Renters across US face sharp increases – averaging up to 40% in some cities

UKGuardian: Rental prices across America have soared over the past year, with some cities experiencing average price hikes of up to 40%, leaving many renters stunned and grappling with either having to move to be able to afford rent or pay significantly more of their income to remain in their homes.

Joshua Beadle of Sarasota, Florida, lived in a 950 sq ft loft apartment for four years for about $900 a month until about one year ago when the owner sold the building and he was forced to move.

He found a smaller, more expensive 700 sq ft apartment for $1,500 a month. After living there for one year, he recently received a lease renewal letter stating his monthly rent would be increased to $1,947.

“Over the course of one year my rent has increased 116%. How does someone who works gigs and is making the same amount of money afford a price increase of $1,050 a month?” said Beadle. “Every month that I pay my rent I breathe a sigh of relief knowing I can live one more month, but I know that I am one emergency away from not being able to afford living expenses.”

According to an analysis conducted by RedFin, rents in the US jumped 14% in December 2021 to $1,877 a month, the largest rise in more than two years.  Read more…

https://www.theguardian.com/us-news/2022/feb/16/renters-rent-increases-us-lease