"Supply remains tight - and indeed worsening, with one-quarter less homes available to rent on November 1 than a year before. Thus upward pressure on rents is likely to remain," he said. The cost of renting was up by 4.3pc in the year to September due to tight supply, the researchers found. In the three months to September, market rents rose by an average of 1.7pc. Market rents are now one-third higher than their pre-Covid levels.
The housing crisis in the U.S. has left many feeling the pinch of rising rents and unattainable homeownership. Amidst the shortage of 4 million units and a historic low in affordability, various housing plans are being proposed in Washington.