Published by CNBC | October 7, 2022
Renters across the U.S. are feeling the sting of soaring inflation, rising housing costs and the end of the national eviction ban.
Some 15% of American households, around 6 million, are behind on rent this fall, according to a recent report from MyEListing.com, a commercial real estate website.
South Dakota, Alabama and New Jersey renters are struggling the most with payments, the report found, based on an analysis of U.S. Census Bureau data, and Americans ages 40 to 54 are having the most difficulty.
Despite signs the market is cooling off, families still paid 12.6% more for single-family rentals in July compared to the year-earlier month, a recent report from CoreLogic found.
These inflated costs, along with higher day-to-day expenses, have strained many Americans’ budgets, with 20% or more renters behind on payments in some states, according to the MyEListing.com report.
Here’s where renters are facing the biggest difficulties:
States with the most renters behind on payments
- South Dakota (26%)
- Alabama (25%)
- New Jersey (24%)
- South Carolina (22%)
- Connecticut (21%)
- Delaware (20%)
- Arkansas (20%)
- Kentucky (20%)
- Louisiana (20%)
- New York (19%)
Higher rental prices may continue into 2023
Many markets are seeing rental prices decline, according to a September rent report from Zumper, based on the 100 biggest U.S. cities. More than half of the cities in the report showed month-over-month declines in the median price for one-bedroom rent.
Still, despite those signs of moderation, the national median rent continues to rise.
