If last August's historically high rental prices gave you sticker shock, brace yourself: Next month's prices could be even higher.
The national median rent price climbed to $2,038 in July, only $15 less than August 2022 when prices peaked at $2,053. Rents are up nearly 5 percent since February, when the monthly average bottomed out at $1,936.
Even though rental growth has slowed since last September − even registering negative year-over-year growth in May − the cost of renting has increased by 14 percent over the past two years, adding almost $250 to monthly rent bills, according to an analysis by Rent.com. Over the course of the coronavirus (COVID-19) pandemic, rents have risen 25 percent, or more than $400, since 2019.
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