Data: Census Bureau; Chart: Jacque Schrag/Axios
Until recently, soaring rent prices were mainly a Big City problem. Now, rents are an everywhere problem.
Why it matters: Skyrocketing rents, coming at the same time housing prices are at historic highs, make it hard for people to afford to live. At the lower end of the income spectrum, higher rents put more people at risk for homelessness.
By the numbers: Asking rents in the second quarter were 23% higher nationwide compared to the same period in 2019, according to Census data released earlier this month.
Zoom out: On a macro level, soaring rents contribute to inflation causing the Fed to raise rates and put the brakes on the economy. That puts the country closer to the possibility of a recession.
The terrible catch: A recession wouldn't bring much relief for renters. When the economy slows down, rents don't fall (take a look at that chart) but people do lose their jobs.
What's happening: Landlords are passing on their rising costs to renters.
Rent growth has slowed down a bit this summer, as the economy slowed, but prices are still climbing in strong job markets, Redfin reported recently.
Our friends at Axios Today asked listeners, especially those outside the big coastal cities, to text their experiences with this growing rent crisis.
Go deeper: Listen to the Axios Today episode
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Rent increases 2022: Why it is so expensive to rent - Axios
