Along with housing prices, rental prices have risen dramatically in the last decade.
According to data from the Department of Housing and Urban Development (HUD), the average rental price for an apartment is about $1,400 per month in 2020, an increase of 32% in nominal dollars from 2010.
Some cities have experienced much larger increases in rent, but income has not kept pace. The current economic downturn caused by the COVID-19 pandemic has made it even more difficult for many people to afford their rent payments each month.
Economic data from the Bureau of Labor Statistics, which compares the relative change in prices paid by consumers for goods, services and housing, shows that rent and housing prices are increasing at a faster rate than other items. Home sale prices have more than rebounded from the crash in 2008, while rent prices have risen steadily, showing only a slight dip during the last recession.