With more and more renters feeling the affordability crunch, there seemed to be some light on the horizon recently with the steady rise in rents appearing to finally slow down over the last few months.
As it turns out, rents are still going up and just hit an all-time high, again.
Earlier this week, the U.S. Census Bureau reported that during the third quarter, the nationwide median asking rent topped $1,000 for the first time ever.
According to the Census data, the median asking rent during the third quarter was $1,003, an increase of $52 over the second quarter and an increase of $91 over the same time period last year.
That’s an increase of nearly 10% in just one year, which rents checked in at $912.
The increase has been dramatic over the last few years. Just three years ago, the asking rent was a full $200 less per month than it is right now.
(Click to enlarge….