Though the economy is progressively getting better, the swift surge in apartment rental costs hampers the growth in various sectors. According to economists interviewed by Zillow, this ongoing trend of rising rents is expected to persist for at least another couple of years. Zumper, a separate rental posting platform, anticipates rent hikes surpassing inflation rates. In June, the momentum of construction activities for multi-family residential properties scaled its peak since 1988.
This escalating scenario comes at an unfavorable time for the Millennials, individuals approximately within the age range of 22 to 34. As Zillow observed, they currently devote around 30 percent of their earnings toward rent, an increase from the previous 23 percent average rental expenditure for those of a similar age bracket in 1979.
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