Marketplace®

Daily business news and economic stories
Apr 27, 2022

The rental market is tight and getting tighter. What does that mean for renters?

Rental rates are rising faster than they have in years. According to one expert, rents are going up by an average of 15% per year nationwide, compared to just 3% before the pandemic. We take a look into what’s driving the increase and what it means for consumers. Russia has cut off natural gas supplies to Poland and Bulgaria amid increasing tension over their support for Ukraine. A look into why markets have been down in the past month. House prices have been increasing rapidly over the pandemic, but the shortage has been building for years – even before COVID.

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According to the National Association of Realtors, sales of existing homes dropped 2.7% in March from the previous month and 4.5% from March 2021.
According to the National Association of Realtors, sales of existing homes dropped 2.7% in March from the previous month and 4.5% from March 2021.
Justin Sullivan/Getty Images

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The Team

The rental market is tight and getting tighter. What does that mean for renters?