High Mortgage Rates Push $6,000 Payments, Driving Rents Higher Again
Updated
Updated · The New York Times · Oct 28
High Mortgage Rates Push $6,000 Payments, Driving Rents Higher Again
3 articles · Updated · The New York Times · Oct 28
Summary
$6,000 monthly mortgage payments are keeping many would-be buyers in the rental market, tightening competition and pushing rents up again after years of softer pricing.
Private-sector data from Zillow and Apartment List show rents have steadied in recent months after a pandemic-era apartment construction boom had created a glut and cooled rent growth.
Government data also point to firmer rent increases, suggesting housing costs may stop providing the disinflation that had helped ease broader inflation pressures.
The shift complicates the Federal Reserve's inflation fight: investors expect the Fed to hold rates steady Wednesday but still see one more increase before year-end, which would keep mortgage rates elevated.