Source: CNBC —
Many renters believe that a cost-of-living crisis is brewing in America’s major cities.
New York City is showing up as a hotspot of rent inflation. The average rent for 1-bedroom apartments in Manhattan rose to $3,995 a month in May 2022 — a 41% increase from one year ago, according to Zumper.
Sudden, double-digit rent spikes are hitting other hubs, including Chicago, Los Angeles, and Austin, Texas. Zumper data shows that growth is particularly strong in Sun Belt cities such as Miami, where rents have risen to $2,700 a month in May 2022, a 64% increase from a year prior.