Soaring inflation and historically high housing costs are putting increased pressure on U.S. renters, many of whom are falling behind on rent payments, CNBC reports. A recent report from MyEListing.com, a commercial real estate website, found that roughly 15% of American households are behind on rent this fall, particularly in states like South Dakota and Alabama, where median rents are on the rise.
Though some overheated markets are seeing rents decline, year-over-year rental inflation is expected to jump from 5.8% in June 2022 to 8.4% by May 2023, the report predicts.
Surging home costs have increased rental prices, accounting for a significant portion of inflation since late 2021, according to a report from the Federal Reserve Bank of Dallas.
If you’re eyeing a move to reduce your rent, it’s critical to “study up on the local market,” so you’re prepared and can negotiate, said Zumper spokesperson Crystal Chen.
For the full list of states where renters are most behind on payments ...
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