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Where Is Rent Going Up?

New York may be obvious, but the Midwest and South are close behind

If last August's historically high rental prices gave you sticker shock, brace yourself: Next month's prices could be even higher.

The national median rent price climbed to $2,038 in July, only $15 less than August 2022 when prices peaked at $2,053. Rents are up nearly 5 percent since February, when the monthly average bottomed out at $1,936.

Even though rental growth has slowed since last September − even registering negative year-over-year growth in May − the cost of renting has increased by 14 percent over the past two years, adding almost $250 to monthly rent bills, according to an analysis by Over the course of the coronavirus (COVID-19) pandemic, rents have risen 25 percent, or more than $400, since 2019.

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