The cost of covering a family’s most basic needs has increased. Although the past month has shown a slowdown in inflation and the cost of gasoline continues to fall below inflationary highs, the cost of other basic necessities – from mortgages to groceries – means that American families always feel the pressure. A new report from Zumper, a real estate website for renters and landlords, highlights another startling statistic for renters: Some cities have seen up to a 60% increase in the cost of monthly rent compared to last year.

As part of its national rental income report, Zumper looks at more than one million active listings across the country to calculate the median asking rent for the most populous cities. It gives a “comprehensive view of the current state of the market”, and their latest report highlights how hard people have been hit by soaring rental prices.

How bad is the rent crisis?

The national median rental cost of a one-bedroom apartment rose 11.8% from last month’s record high, which now stands at $1,486 per month. More than half of the nation’s cities are now showing double-digit percentage increases in the cost of rent; several cities exceed 30% and some reach 60%.

The report also indicates that there are only two cities where prices for one-bedroom rentals have fallen: Des Moines, Iowa, is down 12% from a year ago, and Cleveland, Ohio, down 5.4%.

For two-bedroom apartments, rent in Des Moines fell 8.6%, Rochester, New York by 5.5%, Cleveland by 5.2%, Madison, Wisconsin by 2.7% and Gilbert, Arizona by 1.1%.

New York City holds the top spot for the most expensive rent increases. Median one-bedroom rent rose 39.9% year-over-year. To rent a two-room apartment, expect to pay 46.7% more than last year. “Price increases are particularly drastic in Brooklyn, where both bedrooms are up 61% year-over-year,” the Zumper report said.

This is important because, realistically, families are more likely to rent a two-bedroom apartment, at a minimum. And in many cases, two-bedroom rentals saw even higher costs compared to last year than one-bedroom rentals.

Cities where two-bedroom rentals saw the biggest year-over-year jump:

  1. New York, NY, with an average rent of $4,400, up 46.7%
  2. Miami, FL, with an average rent of $3,410, up 37.5%
  3. Knoxville, TN, with an average rent of $1,550, up 36.0%
  4. Seattle, WA, with an average rent of $2,810, up 32.5%
  5. Greensboro, North Carolina, with an average rent of $1,160, up 31.8%
  6. Louisville, KY, with an average rent of $1,280, up 29.3%
  7. Tampa, FL, with an average rent of $2,040, up 28.3%
  8. Indianapolis, IN with an average rent of $1,270, up 27.0%
  9. Nashville, TN, with an average rent of $1,900, up 26.7%
  10. Albuquerque, NM, with an average rent of $1,300, up 26.2%

Cities where two-bedroom rentals saw the smallest year-over-year jump:

  1. Kansas City, MO, with an average rent of $1,200, which has seen no change
  2. Portland, OR with an average rent of $1,800, up 2.3%
  3. Sacramento, California, with an average rent of $1,920, up 2.7%
  4. Shreveport, LA, with an average rent of $830, up 3.8%
  5. Philadelphia, PA, with an average rent of $1,770, up 4.1%

Cities where the rent for one-bedroom apartments has dropped:

  1. Des Moines, IA, with an average rent of $960, down 8.60%
  2. Rochester, NY, with an average rent of $1,200, down 5.50%
  3. Cleveland, OH, with an average rent of $1,270, down 5.20%
  4. Madison, WI, with an average rent of $1,450, down 2.70%
  5. Gilbert, AZ, with an average rent of $1,870, down 1.10%

What does all this mean? “Current asking rents are simply out of reach for many Americans, especially young people,” Zumper CEO Anthemos Georgiades said of the report. “We’ve seen Zumper users sacrifice space, location, amenities and roommates for years; more recently, we’ve noticed some getting creative as they search for an affordable home. Many tenants turn to short-term rentals to fill a temporary void in housing, especially if they can’t afford high deposits and move-in fees.

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