Apartment rents are shooting up in hundreds of cities across the U.S. Here's why.
CBSN
Apartment rents across the U.S. are surging in almost 400 cities, with the average price for a 1-bedroom having shot up more than 25% since June 2021, according to Rent.com. The typical cost for a two-bedroom unit is up 26.5% over that period.
The reasons: A severe shortage of affordable housing, rising home prices and soaring inflation.
"You had a lot of people at the end of 2020 beginning of 2021 looking to buy a home and then the housing market really shot up — turned a lot of people away from buying a home towards renting," Brian Carberry, senior managing editor of Apartmentguide.com, told CBS News.
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