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Most US Renters Say Annual Bill Climbed by More Than $1,000

Friday, January 6, 2023
Most US Renters Say Annual Bill Climbed by More Than $1,000

(Bloomberg) -- More than half of US renters say their annual bill climbed by at least $1,200 over the past year amid a housing-market squeeze, according to the Census Bureau.

About 55% of respondents, equivalent to about 32 million people, said their monthly rents are up at least $100 in the period, according to the bureau’s new Household Pulse survey published on Thursday. For some 2.3 million renters, the increase was more than $500.

The latest housing-market data suggests that the pandemic-driven surge in rental prices may be easing or even going into reverse in some markets. Still, for for millions of households the damage is already done: they’ve signed leases that lock in a steep increase in their shelter costs.

The biggest rent increases aren’t confined to high-income households, according to the Census report. More than 1.4 million renters with annual household incomes of less than $75,000 reported a monthly payment increase of $500 or more during the past 12 months.

Cities including Miami, Phoenix and Seattle had a relatively large share of jumbo rent hikes relative to their population, while in some major east-coast metropolises including New York the increases were typically smaller.

The Census Bureau’s Household Pulse survey, which has been conducted regularly since Covid-19 was declared a pandemic, is designed to provide timely data on how the health crisis has affected the lives of Americans.

©2023 Bloomberg L.P.

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07-12-2023 07:03:56 (UTC+7)

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 EUR/USD1.0767↑ Buy
 GBP/USD1.2558↑ Sell
 USD/JPY147.12↑ Sell
 AUD/USD0.6551Neutral
 USD/CAD1.3592Sell
 EUR/JPY158.41↑ Sell
 EUR/CHF0.9417↑ Sell
 Gold2,044.35Neutral
 Silver24.258Neutral
 Copper3.7367↑ Buy
 Crude Oil WTI69.55↑ Buy
 Brent Oil74.30Neutral
 Natural Gas2.574↑ Sell
 US Coffee C175.85↑ Buy
 Euro Stoxx 504,483.75↑ Sell
 S&P 5004,549.34Sell
 DAX16,656.44↑ Sell
 FTSE 1007,515.38↑ Sell
 Hang Seng16,474.00Buy
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 BASF44.440↑ Buy
 Bayer32.39↑ Buy
 Allianz240.95Buy
 Adidas197.00↑ Sell
 Lufthansa8.585Sell
 Siemens AG160.92Neutral
 Deutsche Bank AG11.670Buy
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