For the first time in U.S. history, the median rent cost nationwide surpassed $2,000 per month in May, according to a report

The news: CNN reports that rent is climbing fastest in Sun Belt cities.

In Austin, Seattle, and Cincinnati, rent has grown by over 30% in the last year, per NPR. In Austin, Texas, asking rent surged by 48%, the largest increase in a metro area that Redfin has on record.?

Even in cities that were formerly known as “affordable,” average rent prices are over $2,000. For example, Nashville’s median rent cost is $2,140, which is 32% more expensive than last year, NPR stated.

Why is rent so expensive? Daryl Fairweather, the chief economist for Redfin, told NPR that demand is what is driving rent costs.

After the last housing crash, Fairweather says that not enough homes were built for a decade. “That lack of supply is the biggest force pushing up home prices,” and making it harder for people to afford to buy and rent homes and apartments, according to NPR.
CNN states that demand, mostly from young renters, is another factor driving rent prices. Rising home prices are influencing more young people to rent houses and apartments.

What does this mean for renters near UT Austin for Aug pre-lease? Reserving your house, duplex or apartment as soon as possible is paramount. Due to the slowdown of sales transactions due to the fast-climbing interest rates, even more, people are looking to rent now. Ask our Respace agents to help you find a property soon.