WASHINGTON, D.C. – Average rent prices in the U.S. just hit a new record.
According to a report from realtor.com, the national median rent was $1,792 dollars last month.
That’s a 17 percent jump from a year ago, marking double-digit increases for studio apartments, one bedrooms, and two bedrooms.
February’s new high put the typical apartment at $283 more expensive each month than it was in 2020, before the pandemic.
According to realtor.com, that marks a nearly 20 percent increase over the past two years.
February was also the 7th straight month of double-digit percentage increases, after rents cratered in some of the biggest cities during the pandemic.
The website’s chief economist says rental prices will likely remain high, but that some cooling is expected.
Miami saw the fastest growth, with the median rental price spiking 55 percent in February from a year ago.