If you think the cost of living is now high, just hold on to the horses until summer. Rents in the U.S. reached an all-time high in April 2022, and are expected to continue rising to a record high of $ 2,000 per rent by August, according to a recent report Realtor.com.
Currently, the average rent in the country is 1827 dollars a month, which is 16.7% more than a year ago. The study examined average rental prices in the 50 largest cities in the United States to determine the data. The data also broke the average cost of rent by the number of bedrooms, determining that the rent for a studio apartment is growing the fastest of all rented premises. In the US, it will cost you an average of $ 1,499 a month per studio – another record. The average two-bedroom will cost you about $ 2552 a month.
Florida cities have the highest rents growth on average
Leading the nationwide three-metro rent increase in Florida. Rents in Miami were up 51.6% from April last year. Orlando (32.9%) and Tampa (27.8%) lagged behind. The metropolitan solar belt seems to be growing faster than the supply of rental space built in recent years, which is increasing prices. It seems people choose to live in these sunny cities after experiencing rentals and weather in less attractive options in the north.
In contrast, in Pittsburgh, Detroit and Minneapolis last month saw the lowest annual rent growth: rents increased by 5.5% or less annually.
Gas prices continue to rise
Another expense that has reached a record high in the US is gas prices. The average gallon of gas in the US reached a high of $ 4.59 on Tuesday, which is about 51% higher than a year ago, according to Yahoo. JPMorgan noted On May 18, that average gas price in the U.S. could exceed $ 6 a gallon this summer since the driving season fully begins.
Collaborators, are you shocked by the rising cost of living in the US?