Rents hit a record high in July for the 17th month in a row, putting ever more pressure on renters.
According to Realtor.com, the national median rent increased 12.3% from a year ago to a new record high of $1,879 per month in July.
Despite the fact that rents have been breaking records for almost a year and a half, there are some early indications that the market may be beginning to slow down: nnFollowing a 17% year-over-year increase in rent in January, growth has moderated for six months in a row as of July.
For the tenth consecutive month, Miami experienced the most growth among the 50 major US cities. nnNew York, Boston, Chicago, and Orlando followed Miami.
According to Realtor.com, urban rents are rising slightly more quickly than those in suburban areas after being severely affected by the epidemic.
