Published by Breitbart News | August 29, 2022
Rents across the United States have hit a record high, with the median rent for a one-bedroom apartment now reaching nearly $1,500 a month
The sky-high rents are up almost 12 percent compared to the same time last year, the analysis finds. The jump in rents now beats out last year’s record rents.
Cities inundated with mass immigration — New York City, New York; San Francisco, California; Miami, Florida; Los Angeles, California; and Washington, D.C. — have the highest rents as thousands of new arrivals every month push up the cost of housing immensely, a boon for real estate investors and a kick in the gut for renters and first-time homeowners.
The median rent for a one-bedroom apartment in New York City, for instance, has jumped almost 40 percent since the same time last year, and rent for two-bedroom apartments has increased more than 46 percent.
In Manhattan, the median rent has hit $4,212. Meanwhile, on the west coast, rents have similarly skyrocketed. The median rent in San Francisco has hit more than $3,000 a month, while median rents in San Jose, San Diego, Los Angeles, Oakland, and Santa Ana range from $2,160 to $2,780.
In Miami, where nearly 6 in 10 residents are foreign nationals, pulling more immigrants to the area every year, median rents have jumped to about $2,500 a month. In Washington, DC, where the state of Texas is busing thousands of border crossers, median rents are now at $2,370.
At the same time, rents in cities across Ohio, Kansas, Texas, Louisiana, Kentucky, Oklahoma, upstate New York, and Iowa have dropped.
Real estate investors are some of the biggest beneficiaries of mass immigration to the United States. Immigration-driven population growth, set to bring the United States population to more than 400 million by 2060, is likely to send housing prices even higher.