Renters Bearing the Brunt of Inflation as Rents Soar While Most Homeowners Enjoy Fixed Mortgage Rates
• Renters are experiencing much higher inflation than homeowners due to surging rents and stagnant mortgage rates for existing homeowners
• Rent prices increased 11% in 2022 and were up 22% from pre-pandemic levels as of November 2022
• Over 90% of homeowners have mortgage rates below 6% and are shielded from rising rates driven by inflation
• Renters tend to have lower incomes than homeowners, so a larger share of their income goes toward housing costs
• National rents have declined for 7 straight months and are forecast to drop further in 2024, signaling potential relief ahead for renters