Amid a historic stretch of inflation over the last year, the cost of housing (especially rent) has been one of the most significant pressures on household finances.
Renters in many markets are seeing increases of 20% or more as they sign new leases, and, with the nationwide rental vacancy rate at just 5.6%, renters have few alternatives to find more affordable housing.
The current state of the rental market is a product of both supply and demand, with issues compiling over time and being exacerbated since the pandemic began.
On the supply side, the US has an estimated shortage of nearly 4 million housing units. Zoning and density restrictions have made it more difficult to add housing stock in many locations, both