he COVID-19 pandemic sent rental prices tumbling as city dwellers fled for the hills, but the latest data shows those prices haven’t just recovered—they’re surging to a new all-time high.
Median rents jumped 13.6% compared with last year in the 50 largest metro areas of the U.S. as people start to return to cities, according to monthly rental report from Realtor.com®. Rents hit a median price of $1,654 in September, which means renters are paying $198 more compared with the same time last year and an extra $222 versus two years ago, before the pandemic began.
(Metros include the main city and surrounding towns, suburbs, and smaller cities.)
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