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Home sales in the US have slowed dramatically over the past year - and in some markets, like tony Manhattan, they have virtually ground to a halt - as high prices and a shortage of affordable inventory have squeezed cash-strapped young buyers.
But unfortunately for the average renter (a group that includes the bulk of millennials who don't still live with their parents), this housing market weakness hasn't translated to lower rents. In fact, in March, the average national rent increased by 3.2% YoY to $1,430 (up $44) to a fresh all-time high. What's worse, the increases were spread throughout the country, with 92% of the 253 largest cities in the US registering an increase in the average rent paid, while 6% of cities registered no change, and rents dropped in just 2% of cities, according to data from the Yardi Matrix published by RentCafe.com.
Basis - Rents - %
On a monthly basis, rents climbed 0.3% (or $4), which was...
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