What will the cost of living crisis do to rents?
Back in January we revealed that rents in New York hit a six year low during the pandemic, while Chicago and San Francisco also saw rents fall. However, more recently, they've started to recover and, with rents rising across most other major U.S. cities, what will happen when the cost of living crisis hits?
To find out how renters feel, we asked over 1,400 of you whether you were worried about the cost of living rising. A huge 96% of you said you were - that's the most conclusive response we've ever had to a poll.
The things you're most concerned about are rent, food, gas and utility bills, with 70% of you saying rent is the key concern. That rises to 78% in New York.
Given roughly one in three of you say your bills are included in the rent you pay, if energy costs go up then landlords may be forced to put rents up to cover the cost.
Now, none of this means rents are guaranteed to go up, or that if they do it'll happen immediately. But it means renters will be keeping a close eye on the market over the coming months. We'll have new data on what's changed in the first quarter of 2022 next week, so we'll keep you updated.
In the meantime, if you need to move before rents do potentially rise (or you just want to see what's available in your neighborhood right now), hit the big orange button and check the listings.
Image credit - Kostiantyn Li