Rent in major U.S. cities has surged 17% from a year ago
CBSN
Some Americans may be reminded of the words of one-time New York gubernatorial candidate Jimmy McMillan — the rent is still "too damn high" — with the latest rental data showing a 17% surge in major U.S. cities from a year ago. Renters paid a median monthly rent of $1,807 in March, according to Realtor.com.
That double-digit spike even outpaced an 8.5% increase in consumer prices during the same period, with inflation hitting a 40-year high in large part due to higher costs at the gas pump.
The rise in rent varies greatly depending on the location. For instance, median rent in the Detroit area was $1,360 a month in March, or less than a 1% increase from a year ago, according to Realtor.com, which calculated national rents by averaging the medians of the 50 biggest U.S. metropolitan areas.
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