The U.S. housing market was red-hot last year, with existing home sales reaching their highest level in approximately 15 years. Moreover, historically low mortgage rates amid the supply shortage led to a dramatic rise in home prices. On the other hand, lack of housing affordability and the desire of remote workers to relocate and take advantage of their flexibility led to rents skyrocketing.
The cost of rent was 10.1% higher last year, growing five times faster than 2020. December 2021 marked the sixth-straight month of double-digit annual increases in national rents. In addition, Realtor.com expects rents to continue to rise this year, fuelled by limited supply and excess demand. The organization forecast national rent growth of 7.1% in 2022, growing even faster than home prices.
