US housing rents have jumped 19% to an average of $1,712 since 2019. While the rent increase was the least, at 1%, in the past year, renewed demand from renters could mount further upward pressure on rental pricing as new homes hit the tight real estate market. Furthermore, many potential first-time homebuyers are choosing to rent as record-high property prices and mortgage rates remain unaffordable. The ongoing unspooling of pandemic-era housing arrangements is also driving rental demand and prices. While there are several reasons for rents rising, new-age real estate tech companies have recently come under the scanner for possibly inflating rents in collusion with landlords.
