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Even renters can’t escape the housing crisis. Prices just spiked at the fastest rate in 16 years.

Apartments for rent california

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Renters beware. People who thought they wanted to buy a home — but balked at skyrocketing prices — are coming for the rental market. It’s already sparking a new affordability crisis.

Single-family rent prices rose 7.5% year-over-year in June, property analytics firm CoreLogic said in a Tuesday report. That’s up from 6.6% growth in May and marks the fastest price growth since at least 2005. Prices grew the most for higher-priced rentals, with year-over-year inflation hitting 9.6% in June. Lower-priced units saw prices rise 5.3% from the year-ago period.

The surge in rent prices is details ⇒

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