Only one US state saw rents drop in the past year

Apartment rent increased across states Ongoing — except one.

July rents rose nationwide compared to a year ago, but the average price of pads in Idaho fell 19%, according to Rent.com .As thousands of Americans fled crowded cities and Idaho added housing to absorb new residents, the jewel state became one of the hottest housing markets at the height of the coronavirus pandemic. was one. 

But the state's rental market is now starting to cool and "feels like it's slowing more than the rest of the country," said Skylar Olsen, Zillow's chief economist. "It was very aggressive at first, so we're slowing down." As the quest for cheaper housing began, it emerged as a go-to destination during the pandemic.

Nationwide rents drop amid highest inflation in decadescontinues to rise broadly, but some individual cities are also taking a break. In Anaheim, California, the average price of one-bedroom apartments fell in July. Baltimore, Maryland.  Fort Lauderdale, Florida. Glendale, Arizona. St. Louis, Missouri.

Nationwide rents for both one- and two-bedroom homes have soared nearly 40%, according to Rent.com. Some parts of the United States are experiencing record rents, economists said. According to Rent.com, the average rent for a one-bedroom home is $1,770 and the average rent for a two-bedroom home is $2,106. 

Key drivers of rising rents: Rising demand for homes from prospective buyers  Rising mortgage rates.

More Gen Z and younger millennials are also looking to rent as they move out of their parents' homes or ditch roommates, Olsen said. A recent Bank of America survey found that Gen Z renters face the most rent increases, with their median payments jumping 16% from a year ago, It is rising compared to 3% of baby boomers.

A third driver of rising rents is the unethical practice of price increases by some landlords, says housing advocacy groups. said Tara Raguhveer, director of KC Tenants. CBS news. 

"Landlords don't charge rent based on the condition or quality of the home, they charge as much as the market allows," she said. “They may use inflation as an excuse, but they are actually raising rents above inflation.”