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Published: Jan 21, 2022 4 min read
Austin Texas aerial view with green landscape with the entire skyline wide view from in the middle of south side looking north
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With inflation hovering around 7%, just about everything costs more than it used to, from groceries to heating oil to cars. Even worse, one of the biggest monthly expenses for millions of people — rent — has seen price increases that far outpace regular inflation.

According to new data from Redfin, the average monthly rent in the United States climbed 14.1% last month compared to a year earlier — the biggest jump in two years. The increase brings the average monthly rent payment in the United States to $1,877 as of December 2021, compared to $1,645 at the end of 2020.

East Coast cities including New York, Miami and Jacksonville have seen especially big spikes (up 30% or more year over year), while Austin, Texas, has been hit the hardest with rent price growth of nearly 40%.