📝Rental Costs In U.S. Surpass $2,000/Month For First Time Ever: UBS

Rental costs in the US are soaring at the fastest pace in more than three decades, surpassing a median of $2,000 a month for the first time ever. Although this is especially the case in metropolitan areas, the rental market is leaving few cities unturned. Many renters, who typically spend a greater share of their income on housing than homeowners, are already struggling to keep up with larger bills at the grocery store and the gas station thanks to inflation running near the highest in four decades. And rent hikes are expected to persistently push inflation higher, since leases are staggered and renters face shocks at different times. - UBS Strategy