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The median monthly asking rent nationwide exceeded $2,000 for the first time in May, according to recent Redfin data.
Last month, median asking rent rose 15% from a year ago, reaching a record $2,002, the technology-powered real estate brokerage reported.
Consumers are being pushed into the rental market due to rising mortgage-interest rates, and higher home prices. However, it's keeping rents sky-high, according to Redfin deputy chief economist Taylor Marr.
MORTGAGE RATES JUMP, REACHING 5.23%
Even with rent prices increases, it's still more affordable for many Americans then buying a home "as mortgage payments have surpassed rents on many homes," Marr said.
This week the 30-year fixed mortgage rate jumped to 5.23%, an increase from 5.09% a week ago, according to Freddie Mac. The average 30-year fixed mortgage rate was 2.96% this time last year.