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According to national property broker Redfin, average monthly listed rents in the U.S. increased 14.1% year over year to $1,877 in December 2021.

This was the largest annual jump since at least February 2019–the earliest month in Redfin’s rental data.

Meanwhile, the national monthly mortgage payment for homebuyers climbed 21.6% year over year, also the biggest increase in Redfin’s records.

“The growth in mortgage payments has been driven by both climbing prices and climbing mortgage rates,” said Redfin Chief Economist Daryl Fairweather. “And those rising mortgage costs push more potential homebuyers into renting instead, which pushes up demand and prices for rentals. Mortgage rate increases are accelerating, which will cause both mortgage payments and rent to grow throughout 2022.”