Rents in major urban areas are rising sharply as young professionals return to cities due to employer mandates for in-office work. Cities like New York and San Francisco have seen rent increases of up to 11%, driven by a combination of high demand for rentals and limited home buying options due to elevated mortgage rates. Despite some fluctuations in the rental market, many metropolitan areas remain expensive, with a significant portion of renters still displaced due to rising costs.
With the growing popularity of hybrid work among employers, as well as many large tech companies enforcing return-to-office policies of up to five days a week, many tech workers who may have previously left the Bay Area have likely made their way back.
The US has a ton of rental demand. High mortgage rates have sidelined many homebuyers.
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