Rents Are Still Going Up — But at Half the Rate They Were 6 Months Ago
U.S. rent prices rose 9% year over year in September, down from the 18% in march.
According to Deseret News, the onset of the COVID-19 pandemic hurled the U.S. into a new era of remote work, which helped fuel what Marr called an “enormous surge in housing demand that would’ve otherwise been spread out over the coming years.”
Now, gone are the days of low mortgage interest rates, at times below 3%, that many enjoyed during the pandemic housing frenzy. Today, as the Federal Reserve battles inflation, rates for the average 30-year fixed mortgage hover around 7%.
