Triple blow for renters

Last month, data released by CoreLogic showed that despite single-family rent increases leveling out for the third straight month in July, they were still 12.6% higher compared to the same period in 2021. Miami showed the biggest gain, with rents up nearly 31% from the year before, although this was before Hurricane Ian struck Florida.

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Meanwhile, a recent report from real estate brokerage HouseCanary revealed that rent prices for single family homes hit $2,495 a month on average during the first half of the year, representing an even bigger year on year increase (13.4%).

The report listed Los Angeles, Long Beach, Anaheim, San Diego and Carlsbad in California as the US metro areas with the most expensive monthly rents ($4,664), followed by Bridgeport, Stamford, and Norwalk in Connecticut ($4,617).

By contrast, Youngstown, Warren and Boardman – all in Ohio – reported having the lowest monthly rental prices ($861).