U.S. rents hit record high for 17th month in a row

Photo by: WDAY Radio Staff
Photo by: WDAY Radio Staff

(Santa Clara, CA) -- Rents hit another record high in July, for the 17th month in a row.

July's national median rent of 18-hundred-79 dollars a month is up 12-point-three percent from a year ago, according to Realtor.com.

The biggest increases were in the South and the Northeast. Miami saw the highest rent increase among the 50 biggest cities for the tenth straight month, followed by New York, Boston, Chicago, and Orlando.

There is hope however that this may be the peak of the rent hikes, in that numbers may be leveling off of previous highs.