Rent prices in February hit a new high with a national average of $1,792 in the 50 largest metropolitan areas in the country, marking an over 17 percent increase from this time last year, The Hill reported. The report from Realtor.com indicated that the spike in rent prices followed a notable dip in 2020 and into 2021 amid COVID-19–related rent deals. But now an increase in prices has been seen and felt in cities across the country. In New York City, median rental prices increased by 23.5 percent in Manhattan, over 10 percent in Brooklyn and 14.5 percent in northwest Queens in February compared to rates from last year, a report from New York City real estate company Douglas Elliman found. On the West Coast, rent prices in Seattle were up by almost 19 percent in April compared to April 2021. The median price for a one bedroom apartment in Seattle was $1,681, and it was $2,097 for a two bedroom, according to a report from Apartment List. Some increases seen in the middle of the country were slightly lower than in other cities, but they were substantial nonetheless. In Chicago, April rent prices were up 12.5 percent compared to the same time last year, with a one bedroom apartment costing $1,285 per month on average, according to Apartment List.
