Another day, another new reality in the Biden economy!
In the 50 largest U.S. metro areas, median rent rose an astounding 19.3% from December 2020 to December 2021, according to a Realtor.com analysis of properties with two or fewer bedrooms. And nowhere was the jump bigger than in the Miami metro area, where the median rent exploded to $2,850, 49.8% higher than the previous year.
Okay, okay. I can't give Biden all the credit for this. It's his friends at the Fed and Congress who keep blowing out money printing and spending in their eternal quest to fix societal problems by throwing money at it...
...and making it 10 times worse in the process!
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% during that time period.
Rising rents are an increasing driver of high inflation that has become one of the nation's top economic problems. Labor Department data, which covers existing rents as well as new listings, shows much smaller increases, but these are also picking up. Rental costs rose 0.5% in January from December, the Labor Department said last week. That may seem small, but it was the biggest increase in 20 years, and will likely accelerate.
Hope y'all either bought a home 5 years ago, won the lottery, or can afford not to buy anything other than beans and rice!
Inflation jumped 7.5% in January from a year earlier, the biggest increase in four decades. While many economists expect that to decrease as pandemic-disrupted supply chains unravel, rising rents could keep inflation high through the end of the year since housing costs make up one-third of the consumer price index.
Things have gotten so bad in Boston, which has nearly overtaken San Francisco as the nation's second-most expensive rental market, that one resident went viral for jokingly putting an igloo on the market for $2,700 a month. "Heat/ hot water not included," Jonathan Berk tweeted.
The AP makes a note on rent control, as if letting politicians get more involved in wrecking the economy than they have over the past two years is a good idea.
You have to take what the experts have to say with a grain of salt, but they are seeing "pent up demand" from both renters and construction crews after we locked down the world for two years in order to reduce Covid's total death toll by a whopping 0.2%.
Are we finally gonna admit that maybe, just maybe, there were horrible consequences of these stupid mandates and never give politicians that much power again?
No, we're just gonna ignore it as prices continue to skyrocket? Okay, cool!
P.S. Now check out our latest video: "Highlights from Biden's speech last night" 👇