Rent affordability continues to decrease, and Millennials are especially hard hit, CBS News reports.
Data from real estate listing sites such as Zillow and Zumper reveal that rents will continue to increase at least for the next two years, outpacing inflation. Meanwhile, workers aged 22 to 34 aren’t experiencing wage growth at the same pace rental growth is, a trend that Wharton real estate economist Todd Sinai says has been going on for decades, and is now creeping up to affect middle-income households.
One of the biggest factors in rent increases is the lack of supply compared to demand. A study by New York University’s Furman Center for Real Estate and Urban Policy found that affordable housing inventory isn’t meeting demand in 11 of the largest U.S. cities.
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