Rising rents are one of the main drivers in the recent bout of inflation. They are also spurring many renters to try to buy a home as quickly as possible.
Average monthly rents listed in the U.S. jumped more than 14% year over year in December, climbing to $1,877, according to data from Redfin. In many major cities, including Austin, Texas, and Miami, rents increased by more than 30%.
Economists still recommend buying a home as a way to stave off inflation and build wealth, though it is hardly easy. Buyers are already contending with rising home prices, decreased inventory, bidding wars and the prospect of higher mortgage rates.
Many renters are staying on the hunt nevertheless. They are redoing the math on renting after seeing their monthly payments go up and rushing to get a home—any home—to outrun coming rises in mortgage rates and future rent…
