Rents rose by 8% on average from 2022 to 2023, which was the highest annual average growth seen since 2000.
Rents rose by 8% on average from 2022 to 2023, which was the highest annual average growth seen since 2000.
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Nearly half of all renter households spend more than 30% of their income on housing costs, qualifying them as “cost-burdened,” according to US Census data in September.
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Rents went up for several reasons:
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Lack of housing supply.
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Increased costs for materials, contractor labor, utilities, increased costs for staffing, etc.
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increased demand. People lived together during the pandemic and got sick of each other.
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