As Americans pay more for rent, landlords get some relief
Demand for homes continue to increase
LOS ANGELES, Calif. (AP, KYMA/KECY) — Americans are paying more to live in apartments, as demand for housing increases and many would-be homebuyers are forced to rent because prices for houses have gotten too steep.
A key apartment industry measure of rent growth increased in the second quarter for the first time since the first quarter of 2020. Recent data from Zillow shows rents jumped 7.1% in June, the biggest year-over-year increase going back to 2015.
The surge in the cost of renting is a boon for owners of big apartment communities more than a year after the economy fell into a recession that left millions of Americans unemployed and struggling to pay rent.
