New rental data shows affordability issues are on the rise, as Americans spent 30 percent of their monthly budgets on rents in February on average, according to the Realtor.com Monthly Rental Report. February rents accounted for an even higher portion of household incomes in 14 of the 50 largest U.S. markets, with the list of least affordable areas dominated by Sun Belt metros such as Miami, Tampa and San Diego.
In February, the U.S. median rental price hit a new high of $1,792 and soared by double-digit percentages (+17.1 percent year-over-year) for the seventh month in a row. Among unit sizes, studio rents increased at the fastest annual pace, up 17.1 percent (+$215) to a median of $1,474. Larger unit rents also posted double-digit gains over February 2021: one-bedrooms, up 16.4 percent (+$232)
