Make sure to thank the president for his amazing work in saving you $0.16 on July 4 last year, and give a hand to all the hardworking congressmen and women who saved the nation by printing records amounts of stimmy money!
A new report from Redfin shows that nationally listed rents for available apartments rose 15% from a year ago. And the median listed rent for an available apartment rose above $2,000 a month for the first time.
Rents are up more than 30% in Austin, Seattle, and Cincinnati. In Los Angeles the median asking rent is $3,400. Even in formerly affordable cities such as Nashville it's now $2,140, up 32% from last year.
Meanwhile, those who have stayed in their apartments still saw a leap of 4.8% in their rent.
And with home prices and mortgage rates skyrocketing, buying is increasingly a rich man's game.
The increased demand for rentals from people who would rather buy a home is likely to continue. Mortgage applications to purchase a house are 21% lower than a year ago as rising interest rates continue to price more would-be homebuyers out of the market.
BUILD BACK BETTER!
P.S. Now check out our latest video 👇
