The growing rental crisis in the U.S. has shown no signs of stopping.
That was the topic of a new Bloomberg report this week that highlighted the stories of numerous Americans struggling to meet their rental obligations.
The cost of rent in the U.S. is moving higher at the highest pace in three decades, the report notes, blowing past a median of $2,000 per month for the first time ever. Rents are now above where they were prior to the pandemic in most major cities.
Areas just outside cities, which saw a large influx of new renters during the pandemic, have seen their rents rise disproportionately higher. People returning to large cities, post-pandemic, have also not helped prices cool off.
Additionally, rising interest rates have now deterred some would-be buyers, who are now becoming renters. Tight inventory continues to lead to bidding wars, even in the rental market, the report says.