
Rent prices soar across the country as landlords cash in on housing crisis
Renters across the country are feeling the pinch as landlords hike up prices amid a housing crisis that has left many people struggling to find affordable and decent accommodation. According to the latest data from Rent.com, the national median rent price for a two-bedroom apartment increased by 13.7% year-over-year in October, reaching $1,978. This is the highest annual increase since the company started tracking rent prices in 2012. Demand outstrips supply in major cities One of the main factors driving up rent prices is the imbalance between demand and supply in major urban areas, where many people are looking for work,…