US median rent hits record high of $2,000 in summer

If you think the cost of living is high right now, stick with your horses until the summer. Rents in the US hit an all-time high average in April 2022 and are expected to continue to climb to a record average of $2,000 per rental unit in August, according to a report. recently from Realtor.com.

Currently, the national average rent is $1,827 a month, up 16.7% from a year ago. The study studied average rents in the 50 largest cities across the US to determine the data. The data also breaks down average rental costs by number of bedrooms, determining that studio rentals are growing the fastest of all rental units. In the US, you’ll pay a whopping average of $1,499 per month for a studio – another record high. On average, two bedrooms will cost you about $2,552 per month.

Florida Cities With Highest Average Rent Growth

National rent increases were led by three municipalities in Florida. Rents in Miami are up 51.6% from last April. Orlando (32.9%) and Tampa (27.8%) followed closely behind. Cities in the Sun Belt appear to be growing faster than the supply of rental apartments built in recent years, driving up prices. People seem to choose to live in these sunny cities after worrying about rents and the weather in less attractive options up north.

By contrast, Pittsburgh, Detroit and Minneapolis had the smallest annual rent increases last month, with rents rising 5.5% or less year-over-year.

Gasoline prices continue to rise

Another expenditure that has hit a record high in the US is gas prices. Average gas prices in the US hit a high of $4.59 on Tuesday, about 51% higher than a year ago, according to Yahoo. JPMorgan noted on May 18 that the average U.S. gas price could surpass $6 a gallon this summer when driving season is in full swing.

Roomies, are you shocked by the skyrocketing cost of living across America?

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