The United States continues to face problems with housing. More people are homeless and the majority who are renting are complaining about the skyrocketing cost of rent.
In June, the U.S housing rent has reached an all-time high in terms of average rent. At 2.9% increase, the average rent has reached $1,405.
Yardi Matrix, a commercial real estate research company released its recent findings on the housing rent condition across the country.
88% of the 250 biggest cities in the country saw an increase in housing rent. Only 10% remain unchanged and a meager 2% fell compared to June of last year.
The report notes that the 20 biggest increases are observed in small cities. This is attributed to population migration and the strengthening of the economy.
The surge in the cost of rent is a sign of economic boom and the Federal Reserve is starting to get concerned that the country’s economy may start to overheat.