Rent is the new gas. Surging rent prices – instead of gas – are now hitting consumers hard, according to data from Bank of America Institute.
Median rent payments for Bank of America customers increased by 7.4% year over year in July, a slight pickup from 7.2% in June. Increases were seen across all income groups, but middle-income and younger Americans saw the largest increases, the report said.
“With roughly 34% of U.S. households being renters, a sizable increase in rental prices have squeezed consumer wallets,” the institute said.
Medora Lee | USA Today