The national median asking rent was up 14% in July over July the previous year, the smallest annual increase since November 2021.
The national median asking rent was up 14% in July over July the previous year, the smallest annual increase since November 2021
“I would not be surprised if we get to 2023 before things really get back to normal,” said Brian Carberry, senior managing editor of Rent.com, an apartment search website owned by Redfin. Bank of America CEO Brian Moynihan said high rents are a concern because they can account for a big chunk of a household’s take-home pay.
“When you renew your lease, you’re definitely not paying the same as someone new moving in,” Munger said. “If you can, stay in your apartment.” That was the experience of Erika Tascon, a 22-year-old Los Angeles resident who was living with roommates but wanted to find an apartment with her boyfriend. In Britni Eseller’s case, the high demand meant that she had to rush to fill out her application to beat the other 10 people who toured the apartment she wanted.
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