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MIAMI (CBS) – The cost of living continues to go up, and renters across the country are facing major price hikes.
“I try to save, I have an IRA, those things are important to me, and taking a 25% increase on my rent, a lot of that would go away,” said Hedda Bates, whose rent went up.
Bates lives in the Nashville area and the price hikes are even worse in other major cities. Miami has seen rents jump 58% in the past two years, according to Realtor.com. Memphis is up 41%, Las Vegas 34%, and in Phoenix, renters are paying 29% more on average.
“Renters who are going to move are likely to experience some sticker shock,” says Danielle Hale, chief economist with Realtor.com.
Hale said renters are getting priced out of many cities.
“People are looking for affordability and the best place for them to find affordability is in smaller towns and suburbs, a little bit further away from the hustle and bustle of that downtown metro area,” she said.
Bates wants to stay in her apartment and is bringing in a roommate to make ends meet.
“It’s a little bit deflating to go back to having to share your space, but it’s not the worst thing in the world,” she said.
“Just as we’re expecting home prices to slow, we are also expecting rent growth to slow but to remain faster than what we would typically experience,” said Hale.
Hale expects overall rental rates to grow around 7% in 2022. That’s higher than most years but lower than the double-digit growth in 2021.