Prices have risen by more than 11% in the first half of the year, well above the general rate of inflation. Rent costs have now reverted to pre-pandemic levels in 87 of the country's 100 largest cities.
Moving out: At the start of the pandemic, young renters went to their parents' homes in the suburbs. They're looking for their own places now that they've been asked to empty the dishwasher one too many times.
Purchasing a home is prohibitively expensive: Some would-be homeowners are opting to rent rather than buy due to rising property prices.
A sense of urgency: People aren't looking at Zillow to kill time while at work; they're looking to rent right now, flooding the market.
There is a scarcity of homes, which, of course, raises prices.