Rents are increasing in every major metro area nationwide for the first time since the start of the pandemic, a report showed. Would-be home buyers are increasingly renting instead, putting a strain on the rental market.
The lack of housing inventory for home buyers is having major ripple effects in the rental market, as more Americans seek to renew leases to buy themselves more time for their home search.
Notably, August marked the first time since April 2020 that every major metropolitan area included in the report displayed an increase in rents. Boston was the last major metropolitan area to see rents turn positive following 14 months of declines. The shift was a reflection of the start of the school year, when college students and faculty returned to the city en masse as in-person classes resumed with the current semester at most educational institutions.
Miami’s surging rents are concurrent with a rebound in tourism as air travel has improved and cruises have resumed following the rollout of COVID-19 vaccines nationwide.
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