Nearly half of all renters — more than 30 million people — had been hit with rent hikes in the past 12 months, with 19% paying a monthly increase of $100 to $250, 7% paying $250 to $500 more & 4% needing to find another $500 a month to stay in apartments.t.co/XU3wc1VaKp
— Fair Housing Center of Central Indiana (@FairHousingIN) August 29, 2022
Those rising rents mean that households representing a total of 8.5 million people were behind on their rent at the end of August, according to Census Bureau figures. And 3.8 million of those renters say they’re somewhat or very likely to be evicted in the next two months.
The combination of soaring inflation, the end of most eviction moratoriums and rental assistance payments and an extremely low vacancy rate has pushed rents up — and many renters out.
Rents up nearly 25% since before the pandemic
Since 2006, rents have risen faster than home prices, but at the same time, the shortage of available rental units has been steadily increasing since the Great Recession.