Rent Prices Skyrocket as Affordable Housing Crisis Worsens Post-Pandemic

Rent prices have skyrocketed since the pandemic ended, increasing much faster than overall inflation
There is a severe shortage of affordable rental units, with 22 million households spending over 30% of income on rent
Apartment construction boomed but focused on luxury units, failing to help average Americans
Long lease terms spread out rent hikes over time but prices are sticky and unlikely to fall soon
Converting offices to apartments helps supply but tighter lending may limit new construction going forward