15% Increase in Housing Cost Leads To Over $2,000 Increase In Median Rent

A new report from Redfin shows that nationally listed rents for available apartments rose 15% from a year ago. And the median listed rent for an available apartment rose above $2,000 a month for the first time.⁠

It’s no secret that housing costs have been soaring across the United States, but now rents have risen above $2,000 a month for the first time. 

It’s no secret that housing costs have been soaring across the United States, but now rents have risen above $2,000 a month for the first time. 

Rents are up more than 30% in Austin, Seattle, and Cincinnati. In Los Angeles, the median asking rent is $3,400. Even in formerly affordable cities such as Nashville, it’s now $2,140, up 32% from last year.⁠

“Housing is getting less affordable for everyone at every level,” says Daryl Fairweather, the chief economist for Redfin. She says after the last housing crash we didn’t build enough homes for a decade. And that lack of supply is the biggest force pushing up home prices and making it harder for people like Drotar to afford to buy a home.⁠

Fairweather says homebuilders built fewer homes in the decade starting in 2010 than in any 10-year period since the 1960s. “So I think it’s going to take at least another decade to dig ourselves out of this hole. ” She says states changing zoning laws to allow for smaller, more affordable homes built closer together would help.⁠

Meanwhile, more people stuck renting when they would rather own home helps keep demand and prices up in the rental market, too.⁠

“Rents are going up just as fast as home prices are,” says Fairweather.⁠