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Tuesday, February 7, 2023

Average monthly rent in the US hits a record $2,031 per month

A new survey from Zillow shows that Americans are tired and burned out when looking for new homes and apartments. According to the information, Recently 2 out of 5 renters said they lost sleep during their search, many worried about cost, communication and competition.

Finding and receiving rentals is putting people under stress, especially when Typical monthly rent in the US is up 0.6% from June and up 13.7% from a year ago to a record $2,031.

Not being able to find affordable rent is the most common stressor, such as 38% of renters cite this as one of the most stressful parts of their searchWhich coincides with 24% increase in rent in the last 2 years.

According to the United States Census data, The typical rental family earns $3,800 per monthWhich means you have to spend more than half (53%) of your income to rent a specific apartment or house.

Apart from the stress caused by uncontrolled prices, 26% of renters said they were concerned about following up on emails or messages contacted by landlords, And 22% reported competing with other tenants.

Renters are making trade-offs to get a new home in a high-risk search environment. According to the Zillow survey, 77% said they committed to paying their most recent rentIt’s most common to settle for a space that doesn’t have all the features you wanted, such as new appliances, air conditioning, or a balcony. Recently a third of renters (30%) said they rented a house smaller than they had planned.

“Rent increases only add to the pressure that tenants feel during what is already an emotional and challenging process.”said Amanda Pendleton, home trends expert at Zillow. “Tenants are often faced with deadlines to vacate their current rentals, and with the competition so intense, they need to make decisions quickly. This survey shows that even if tenants get an apartment Yet many people experience emotional and physical stress.”

Zillow advises renters not to lose sleep and relieve stress by taking the following steps: Understand what they can afford and set a budget, stay organized; know your Rights; And search smarter with the tools Zillow makes available to users.

For more details of the study, visit here.

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World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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