Renters are finally catching a break.
According to a Bloomberg report, rents fell by 2.2% in September, October and November with prices projected to continue tumbling over time.
Vacancies are also increasing, pointedly from 4.1% to 5.7% since 2021 the past year. This is a welcome change since rent had seen
As previously reported by ESSENCE, a recent Redfin report stated that listed rents across the country for available increased 15% from last year, with the average rent price being above $2,000 a month.
NPR also reported that rent in cities like Austin, Seattle, and Cincinnati is up by 30%. The median asking price for rent in Los Angeles is $3,400.
Because of this, more Americans are choosing to live in multigenerational households than in recent years. ESSENCE previously reported that the number of shared household haven’t been this high since 1971. A recent Pew Research survey found that 18% of the population has moved in with relatives in the last few years, and show no signs of slowing down. according to a survey.
More than half of the adult children who reported living with their parents said it benefits them financially. Another 30% reported they don’t pay major bills like rent or mortgage, which helps offset any debt repayment they may have. Additionally, Bloomberg pointed out that a Credit Karma survey reported that 29% of 18 and 25-year-olds are at home with family and have no plans to move out anytime soon.