Rent Costs Across America Leap Higher As Occupancy Rates Hit Peak

Rent Costs , Across America Leap Higher , As Occupancy Rates Hit Peak.
In the last year, the cost of renting an apartment
in the United States has risen a staggering 12%.
According to Poynter, that rent increase
is enough to neutralize any modest raise
that people may have received in the last year.
Poynter notes, when rent
prices go up, they typically rarely go back down. .
The rent hike
comes as apartment
occupancy rates have
also hit new highs. .
Rent has opened 2022
in much the way it spent 2021 -
setting a new all-time high. , Zumper, Rental marketplace website, via Poynter.
The median one-bedroom rent on Zumper’s
National Index rose to $1,374 (or roughly
0.000112 of a Bored Ape) this month,
which is 12% higher year-over-year.
The median two-bedroom rose to
$1,698, a 14.1% year-over-year rise, Zumper, Rental marketplace website, via Poynter.
According to Poynter, the old standard of
a person spending about 30% of their gross income
on rent may no longer apply to today's economy.
Even before the recent price increase, 45% of households
making between $30,000 and $45,000
spent more than 30% of their income on rent. .
That standard was a calculation based
on 1969 public housing regulations.
In 2020, some cities reportedly saw slight dips in rental costs, but that was mostly due to people losing their jobs and moving in with others. .
At that time, the apartment
vacancy rate jumped to
twice what it is today