High Rents

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According to the Washington Post, rising rents are expected to be a driving force in inflation this year and have been an ongoing policy challenge for the Biden administration.

Questions:

  1. By what percentage have rents increased in a number of cities?
  2. What is the average rent in cities like Austin, New York and Miami?
  3. What is the lag before rising rents show up in inflation measures?
  4. Based on a 2018 Harvard study, how many households spend more than half of their monthly income on rent?

Source:

Bhattarai, A. (2022). Rents are up more than 30 percent in some cities, forcing millions to find another place to live. The Washington Post, Jan. 30 (Retrievable online at https://www.washingtonpost.com/business/2022/01/30/rent-inflation-housing/).