Startling rise in rent prices in major cities across the US as Americans struggle to keep up
Rentals prices have skyrocketed across major cities in the US as Americans struggle to keep up. Two metropolitan cities that experienced some of the biggest spikes for a one-bedroom rental was Phoenix, Arizona (84 percent) and San Diego, California (41 percent) over the last five years between 2019 to 2024. Fair Market Rent (FMR) is the amount of money that a property would rent for on the market, and is a benchmark for gauging rents.
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