Why Is the Rent So Damn High?

1A

NPR

News

4.3 • 4.5K Ratings

🗓️ 9 February 2022

⏱️ 31 minutes

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Summary

Rental rates across the country are increasing, and when it comes to whose rent is rising fastest Austin, Texas, is on top. According to Redfin's rental market tracker, Austin's rental rates for new leases rose 40 percent over the last year.

According to online apartment rental site Zumper, average rent increased 12 percent in 2021 and is now at an all-time high. Why are they rising now? And what can tenants, landlords, and policymakers do about it?

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Transcript

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0:00.0	I'm calling about the topic of rent and cost of living.
0:13.4	It's completely gotten way out of hand.
0:17.6	Rant in my area has increased 18% which I'm a Florida state employee and humanically
0:25.0	for 25 years the cost of living this year is increased more than all of the cost of
0:31.9	living increases I've ever received combined.
0:35.2	If anything changes, I'm just going to be homeless.
0:37.9	I can't even apply for rent as most people would like three times the income of the rent
0:45.0	and make nowhere near that.
0:48.0	Today we're talking about something that'll resonate with a lot of you.
0:52.2	Rant!
0:53.2	It's too damn high!
0:54.9	That was New York politician Jimmy McMillan in 2010 but its words are just as accurate
1:00.6	today.
1:01.6	New York City holds the top spot for rental costs.
1:04.7	It passed San Francisco last year.
1:07.0	The median rent for one bedroom in New York is just over $3,200 while you're looking at
1:12.0	about $2,800 in San Francisco.
1:14.9	But when it comes to whose rent is rising fastest, Austin, Texas is on top.
1:20.5	Rental rates for New Leesys rose 40% over the last year according to Red Fence rental
1:25.8	market tracker.
1:26.8	Rents across the country are increasing.
1:29.4	According to online apartment rental site Zumper, the median rent for one bedroom increased
	...

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