Updated: July 20, 2021 06:15 PM
Created: July 20, 2021 05:06 PM
As housing prices skyrocket, rent prices are also on the rise.
After dipping last spring, rent prices around the U.S. have not only recovered but are now blasting past their pre-pandemic levels.
According to Realtor.com, the median rent reached a record high of $1,575 in June, an increase of 8% from a year ago.
Some who sold their home are waiting to buy and currently renting.
"We are seeing a major influx of people that are taking a year or two in between their old homes and then looking to purchase because the housing market is where it's at right now," said Elizbeth Ann Berg with The Luxe Apartments at Ridgedale. "People want to bide their time a little bit."
Real estate data show the biggest rent increases are in smaller cities, driven largely by workers who fled urban areas during the pandemic for more safety, space or more privacy.
Copyright 2021 - KSTP-TV, LLC A Hubbard Broadcasting Company