Rents in the US just hit another record high

From CBS News | Business by Anna Bahney, CNN

Rents in the US climbed to a new record high again in April, and they are expected to keep rising.

The continued surge in rental prices is driven by a mismatch between rental supply and rising demand, largely from would-be homebuyers, said Danielle Hale, Realtor.com’s chief economist. Beaten down by the high cost of buying a home, some prospective homeowners are opting to keep renting instead.

“Renters are being left with few options but to meet higher rents and, in some cases, even offer above [the landlord’s] asking price – whether they can afford to or not,” she said.

Photo by Brandon Bell / Getty Images

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