Soaring rents have been mainly a Big City problem. Now, they are an everywhere problem. Rent listings in the second quarter were 23% higher nationwide compared to the same period in 2019, according to census data.
One reason rent prices are a bit recession-proof is people are less likely to buy homes when the economy isn't doing well.Landlords are also capitalizing on the strong demand for housing, especially in the places where folks migrated because of remote work. Plus, people wanted more space and some traded up for more square footage.
That demand pushes up prices for everyone. Once landlords realize they can charge more for a unit, "they're going to keep increasing the price to capture as much profit as they can," Redfin chief economist Daryl Fairweather told Axios. Increased demand also changes the kinds of housing on offer. When there's more demand for pricier apartments, landlords may upgrade units to charge more.has slowed down a bit this summer, as the economy slowed, but prices are still climbing in strong job markets, Redfinasked listeners, especially those outside the big coastal cities, to text their experiences with this growing rent crisis.
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