More than half of all U.S. cities are seeing double-digit percentage increases in rent.
Rents continue to be an attractive option for potential homebuyers holding off until mortgage rates fall and for those just not ready to make the jump into homeownership. But opting to rent comes with a price.
Rentometer released its rent statistics for the fourth quarter of 2022 for rentals of three-bedroom single-family homes and found that 52% of cities had double-digit percentage rent increases at the end of last year.
Seattle rents rose 17% to $3,621 from $3,083 in 2021.
Rentometer looked at 242 U.S. cities and compared the year-over-year change in average rent prices by city from the fourth quarter of 2021 to the fourth quarter of 2022.
Ninety-six percent of those cities had year-over-year rent increases and 52% had double-digit percentage increases.