First gas, then heating and now rents. Runaway inflation is driving rents skywards across Joe Biden’s America, delivering an average of a 20 percent increase in the U.S.’s biggest 50 cities over the past 12 months, a study details.
At the same time, U.S. Census Bureau statistics show rental vacancy rates during the fourth quarter of 2021 fell to 5.6 percent, the lowest since 1984 in the the world’s largest economy.
The rent spike has stung wallets nowhere more than in the Miami metro area, where the median rent surged to an eyewatering $2,850, 49.8 percent higher than the previous year.
Other cities across Florida — Tampa, Orlando and Jacksonville — and the Sun Belt destinations of San Diego, Las Vegas, Austin, Texas, and Memphis, Tennessee, all saw spikes of more than 25 percent during that time period, AP reports.
Meanwhile, Boston has nearly overtaken San Francisco as the nation’s most expensive rental market with a nearly 27 percent increase in properties with two bedrooms, according to the Zumper study released at the end of last month.
In New York City, rent prices increased 22.8 percent year-over-year, while Los Angeles saw a bit more subtle 14 percent increase, all as prices for gasoline, used cars, food and other goods continue to climb.
Across the 50 largest U.S. metro areas, median rent rose an astounding 19.3 percent from December 2020 to December 2021, according to a Realtor.com analysis of properties with two or fewer bedrooms.
Rising rents and high inflation are moving hand-in-hand to become one of the nation’s top economic problems.
Should have KEPT TRUMP !!!!!
Should have REMOVED THE DEMOCRAT 2020 COUP !!!!! Don’t let them stay 3 more years !!!!
Buckle up!! You haven’t seen anything yet! Bet you wish you held on to your stimulus money!!
I want SOMEONE to tell me how two adults making $15 an hour can pay $2800 a month JUST IN RENT.
God help them if they have any kids.
Gas at $3.85 a gallon? Groceries? Electricity? Car insurance? A flat tire can now destroy the family finances.
biden will need to beg the muslims to increase production. Again. And again, they will laugh at him.
REMEMBER this — biden made sure we didn’t EXPORT energy anymore by shutting down pipelines and new exploration. Gas went from $2.15 a gallon to $3.85 a gallon and biden “is working on it”. At the Olympics.
This biden BS is driving normally middle class families into poverty and despair.
Slumlords everywhere are trying to recoup the absence of rent payments for a year.
I guess being a slumlord has some downside to it, too.
Say their name.
its ok biden will only be in office 7 more years