Stubbornly high inflation is leading to record rent growth — but these 25 cities are more affordable than they were last year
Rent growth remains high as inflation persists.Median rent in the US is the highest it's been since at least 2016, based on data from Zumper.Here are 25 cities where rent is either lower or the same as in 2022, according to a new report.Rent growth in the US hit a record high in May after accelerating, according to a recent report from online rental platform Zumper.
The median rent for one- and two-bedroom apartments was up from the prior month for the first time since 2022.The median price for a one-bedroom apartment rose 0.6% month-over-month to $1,504, beating the previous high set in September 2022 by a single dollar, based on Zumper data viewed by Insider that dates back to early 2016.
Meanwhile, the going rate for a two-bedroom apartment rose 0.8% from April to $1,856, which topped the $1,845 mark that was also set last September. "A record number of Americans believe now is the worst time ever to buy a house; that sentiment is keeping demand for rentals high," Anthemos Georgiades, the CEO of Zumper, saidRenters' reluctance to ditch their apartments for homes can be traced to
that have risen in response to stubbornly high inflation. Although borrowing costs on homes are lower now than at their mid-fall peak, they're still uncomfortable or inaccessible for millions.
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