Relentless rise in rents across the U.S.

Rapidly rising rents

Homebuyers have been feeling the pinch of higher prices for some time now, but rents have also exploded across the United States.

NEW YORK - The nationwide surge in rent prices is forcing renters to dig deeper into their pockets to help them find or maintain housing as a federal moratorium on evictions has now ended.

The median rent price across the country has risen by more than 19% over a year ago to reach $1,789.

But some cities, particularly in the Sunbelt region, are seeing much higher spikes. The median rent in Phoenix, Arizona, is up more than 27%. Las Vegas, Orlando, and Tampa are also landing in the top 10 markets for steepest increases.

But Miami comes out on top with more than a 50% year-over-year increase, according to realtor.com. This increase in rent means that people are spending more on housing in Miami — 59% of a household's income is now spent on rent.

New York City households pay more than 40% on rent.

Economists say that these increases in rent prices will continue to drive inflation.

"And what is happening now is that people are essentially saying, well, jobs are being created. Maybe I want to move out of my parents' basement. At the same time, people who wanted to buy — now the prices are so high they are renewing their rental leases," Lawrence Yun, the chief economist for the National Association of Realtors, said. "Consequently, the rental demand is very, very strong. Some people priced out of buying a home, also young adults moving out of the basement."

The causes are a nationwide shortage on housing and a rental inventory that is at a 38-year low. Rent prices are expected to continue to rise through the rest of the year.