After the pandemic, rents have soared by 20% nationwide. The average rent now sits at $1,634, compelling many renters to seek more affordable options, either by relocating or downsizing.
Bank of America's analysis reveals a staggering 3.7% increase in rent payments year-over-year as of September 2024. This disparity between their data and reported inflation suggests a marked shift in consumer habits toward more economical living situations.
The trend of migration toward cheaper areas gained momentum during the pandemic, and with ongoing rent escalations, many consumers are now prioritizing lower housing costs, often by relocating to other states or cities.
Younger, lower-income renters—who represent about 34% of US households—are the most impacted by rising rents. Their sensitivity to pricing is making them more likely to move away from high-cost urban centers.
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