Rising inflation is hitting the wallets of many Americans. The cost of rent is where some are feeling it most.
Over the past year, the median cost of rent has risen by nearly 20% in a handful of areas including Phoenix, Tampa, Fla., and Boise, Idaho, according to analysis conducted by the Urban Institute. The average rent for a one-bedroom apartment in Sarasota, Fla., for example, was recently at $2,004 a month—a 40% increase compared with the previous year, according to rental listing site Zumper.
