National rent is over $2,000 per month for the first time in U.S. history
For the first time in U.S. history, the median rent cost nationwide surpassed $2,000 per month in May, according to a report done by Redfin.
The news: CNN reports that rent is climbing fastest in Sun Belt cities.
In Austin, Seattle and Cincinnati, rent has grown by over 30% in the last year, per NPR. In Austin, Texas, asking rent surged by 48%, the largest increase in a metro area that Redfin has on record.
Even in cities that were formerly known as “affordable,” average rent prices are over $2,000....