The five US cities where rents are rising the most – is YOURS on the list?

New data shows that rents in 18 of America’s 50 largest metropolitan areas increased in the past year.

A report from Realtor.com shows that renters in the Northeast and Midwest are seeing the biggest increases, with Chicago and New York taking first and second place, respectively.

It comes at a time when rents have emerged as a major driver of inflation, with Federal Reserve officials calling them the “biggest stumbling block” to taming the economy.

Chicago’s average rent rose to $1,846 in March, a 4.3 percent increase from the same month last year, according to Realtor.com.

Meanwhile, renters in New York have seen their rents rise 3.8 percent to $2,876. The full list is at the end of the article.

In third place was Kansas City, MO, where the average rent rose 3.4 percent to $1,340.

It was followed by Boston, MA, and Indianapolis, IN, where costs both rose 3.3 percent to $3,023 and $1,297, respectively.

Researchers analyzed the average cost of studios, one-bedroom and two-bedroom units in each city.

Realtor.com economist Jiayi Xu said the northeastern region in particular was suffering from a lack of available land for new multifamily construction, pushing up prices.

“High home prices in these expensive markets, plus high mortgage rates, could force people to stay in the rental market longer,” she said.

Rising mortgage rates – which are now above 7 percent – ​​combined with record high prices have caused housing affordability to plummet over the past year.

According to Realtor.com, the average rent in Chicago (pictured) rose to $1,846 in March, an increase of 4.3 percent from the same month last year

Meanwhile, renters in New York (pictured) have seen their rents rise 3.8 percent to $2,876

Xu notes that this trend is putting more pressure on the rental market. Low unemployment rates in cities can also exacerbate the problem.

“For Kansas City and Indianapolis, in addition to affordability, they both have strong labor markets, with unemployment rates of 3.6 percent and 3.7 percent respectively in February.”

Earlier this month, Chicago Fed President Austan Goolsbee warned that rents and rising mortgage rates have become a major driver of inflation.

“Housing is the biggest stumbling block,” Goolsbee said in Bloomberg.

“We thought we basically understood the mechanical, short-term model of how much housing inflation should fall.

“And it hasn’t come down as quickly as we thought at this point.”

Annual inflation rose slightly to 3.5 percent in March. According to the Consumer Price Index (CPI), gasoline and lodging costs – which also include rents – were responsible for more than half of the increase.