Rent Prices Hit Record High, , Soaring 17% Since Last Year.<br />CNN reports rent prices in the <br />United States hit new highs in February.<br />as the average cost of renting an apartment has increased more than $283 since the onset of the COVID-19 pandemic.<br />In February, the median rent price in the United States was $1,792 per month.<br />That's an increase of 17% since 2021.<br />With rents up by nearly 20% over the past two years, rental prices are likely to remain high, , Danielle Hale, chief economist at Realtor.com, via CNN.<br />... but we do expect some cooling from the recent accelerated pace. , Danielle Hale, chief economist at Realtor.com, via CNN.<br />Experts say rent growth has been driven <br />by increased demand, as many younger Americans can't afford to buy a house.<br />Experts say recent trends <br />indicate prices for renters won't <br />be going down anytime soon.<br />With rental demand <br />already outmatching supply, <br />rental affordability will remain a challenge. , Danielle Hale, chief economist at Realtor.com, via CNN.<br />A general rule for renters is to keep housing costs to around 30%, but as <br />prices soar and inflation runs rampant.<br />affordable housing may soon <br />become a major issue for the <br />poorer citizens of the United States
