Скачать или смотреть Rent Prices Skyrocket In The USA | Recession, Inflation

In 2022, Americans have witnessed rent prices skyrocket in record numbers. What are the factors? In today's episode we dive into the factors leading to this seismic shift in the housing market.
Topic - Rent Prices Skyrocket In The USA | Recession, Inflation
Video Edit & Script by Nelson Mike M. Muriuki

Read the transcript below
Why Are Rent Prices Increasing In The United States

There has been a sharp increase in rent across all states in the USA this year

Some demographics have actually witnessed rent prices spike up to a record 60%

There are several factors that have contributed to this increase. Here is a summary

1: Less Houses To Rent

Due to the Covid-19 lockdown, many construction projects were halted. Less houses were built during this time period

As a result, the supply for homes underperformed the high demand resulting to rent prices soaring.

More millennials also prefer leaving on their own which has increased the demand for houses.

2: A competitive housing market

The median home sale price has soared to $416,000 according to the National Association Of Realtors.

The housing market has become incredibly competitive due the pandemic.

As a result, the number of first-time home buyers has fallen to a nearly decade low.

Many people opt to “rent” and home owners are raising their rents.

3: Expiration of rent freezes that helped keep rents low during the early phase of the pandemic.
4: Inflation In Real Estate

Just as the value of the property rises with inflation, the amount tenants pay in rent can be increased over time.

Well, the skyrocketing of rent prices across the USA is not expected to slow down anytime soon.

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