Will Rent Prices Decline in 2022 or 2023? Why Rents are Rising

Will rent prices drop or go up in 2022 or 2023? Extremely strong home sales have driven rents even higher. Data from the Annual Realtor report show that it is likely home rental prices will continue to rise in 2022. Rising home prices have also driven rents higher making them unlikely to drop.

Additionally people spending more time at home has caused rent prices to increase as well. Clearly there is an upward pressure on rents and they have reached a historic level in the last year with rents up as much as 50% in places like Miami and Austin. Rents are up 25% in Las Vegas alone. It is unlikely that rent prices will go down in the foreseeable future.

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