US rent prices reach record highs as buyers pushed out of market

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The median monthly asking rent increased 17% compared with a year ago, to $1,940, according to real estate brokerage Redfin.

The price and demand for rentals hasurged as "many potential first-time homebuyers are quickly being priced out of the market by record-high home prices and fast-increasing mortgage rates," Redfin chief economist Daryl Fairweather said in a statement.

The national median monthly mortgage payment for homebuyers rose twice as fast in March, up 34% compared with a year ago to $1,910. Although renting may help buyers save money "in the near term," they will still be faced with "continued rent increases, year after year," he added.

 

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Private equity buying up properties has contributed to rising home prices. More than one factor invoked in rising home prices

That is me . Hell I can’t even afford a one bedroom apartment on a limited income SSID

Yikes! Glad we bought during lockdown.

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