Pedestrians walk past a store for rent in New York, the United States, Sept. 4, 2020. (Xinhua/Wang Ying)
Renters across the country are "stunned" by the soaring prices and consider "either having to move to be able to afford rent or pay significantly more of their income to remain in their homes," according to The Guardian report.
LONDON, Feb. 18 (Xinhua) -- Rental prices have shot up across the United States over the past year, with some cities witnessing an average jump of 40 percent, The Guardian has reported.
"Some of the most affected cities included Austin, Texas, with a 40 percent increase in rental prices compared with a year previous, New York City at a 35 percent increase, and several metro areas in Florida exceeding over 30 percent increases in rental prices," the paper reported on Wednesday, citing an analysis conducted by RedFin.
A house on sale is seen in Washington D.C., the United States on Dec. 12, 2021. (Photo by Ting Shen/Xinhua)
Renters across the country are "stunned" by the soaring prices and consider "either having to move to be able to afford rent or pay significantly more of their income to remain in their homes."
"These soaring costs -- coupled with a broader surge in inflation -- have wiped out any wage gains experienced by low-income Americans, as rental prices were already far outpacing wage increases in the U.S.," said the report.
Rental prices in the U.S. initially went down because of the pandemic but rebounded strongly in 2021, according to the report. ■
