Median monthly rent in the US skyrockets to a record ,031 per month

Median monthly rent in the US skyrockets to a record $2,031 per month

  • Zillow reports that the typical monthly rent in the United States has skyrocketed to a record $2,031; 40% of renters report that they lose sleep when trying to find a new place to rent

A new Zillow survey shows that Americans are tired and burned out as they search for new homes and apartments. According to the data, 2 in 5 recent renters said they lost sleep during their search, with many worrying about cost, communication, and competition.

Finding and getting a rental is stressing people out and especially as the typical monthly rent in the US has skyrocketed to a record $2,031, up 0.6% from June and up 13.7% from the year previous.

Not being able to find an affordable rent is the most common stressor, with 38% of renters citing it as one of the most stressful parts of their search, which matches a 24% increase in rents in the last 2 years. years.

According to data from Census United States, the typical renter’s household brings in $3,800 each month, which means they would have to spend more than half (53%) of their income to rent a typical apartment or house.

In addition to the stress caused by skyrocketing prices, 26% of renters said they were concerned about following up on emails or messages they communicated with from landlords. And 22% reported the same of having to compete with other tenants.

Renters are making trade-offs to get a new home in a high-risk search environment. According to the Zillow survey, 77% said they committed to paying their most recent rent, with the most common being settling for a place that didn’t have all the features they wanted, like new appliances, air conditioning, or a balcony. Just under a third of recent renters (30%) said they ended up renting a smaller home than they had planned.

“Rent increases only add to the pressure renters feel during what is already an emotional and challenging process,” said Zillow housing trends expert Amanda Pendleton. “Tenants are often faced with a deadline to vacate their current rental, and with competition so intense, they need to make decisions quickly. This survey shows that even if renters are committed to getting an apartment, many still experience emotional and physical stress. “

Zillow advises renters to avoid losing sleep and relieve stress by taking the following steps: Understand what you can afford and set a budget; stay organized; know your rights; and search smarter with the tools Zillow makes available to users.

Samuel Edwards
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