Research from Zillow and StreetEasy show New York rents increased seven times faster than wages in 2023, putting an extra squeeze on renters’ budgets as housing affordability worsens.
According to a new Redfin report, asking rents across the U.S. are flattening as rental supply catches up with renter demand and vacancies rise. Continued rent increases in the Midwest and Northeast offset significant drops in Sun Belt metros.
The Realtor.com® February Rental Report shows a decline in rent affordability, with February marking the seventh consecutive month of single-digit rent increases for 0-2 bedroom units and accelerated rent growth for two-bedroom units after 12 months of slowing.
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