Are the rents too damn high?
In 2010, New York gubernatorial candidate Jimmy McMillian honed in on a singlular campaign message.
And he may have been on to something.New York City holds the top spot for rental costs — it passed San Francisco last year. The median rent for a one-bedroom apartment in New York City is just over $3,200 per month, while someone in San Francisco is looking at about $2,800 per month.
But when it comes to whose rent is rising fastest… Austin, Texas, is on top. Austin’s rental rates for new leases rose 40 percent over the last year, according to Redfin’s rental market tracker.
Rates across the country are increasing. According to online apartment rental site Zumper, average rent increased 12 percent in 2021 and is now at an all-time high.
Why are they rising now? And what can tenants, landlords, and policymakers do about it?
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