Rent continues to skyrocket around Alabama

BIRMINGHAM, Ala. (WBRC) - Odds are you are paying more to rent an apartment or home. Over the past two years, rent has skyrocketed.

Nationwide, the price of rent has gone up 25% since 2020 according to Nick VinZant, a senior research analyst with QuoteWizard.

“Even in the last 6 months, we have seen the price of rent go up 6% nationally and 6% in Birmingham, Alabama alone,” VinZant said.

VinZant tells us for 1-bedroom apartments, rent has gone up 21% in Birmingham from two years ago, 27% in Hoover, 24% in Montgomery, 33% in Madison and 26% in Mobile.

“What we’re really seeing is rent is just rising very, very quickly and it is far outpacing people’s ability to pay for it,” VinZant said.

“It’s been a tremendous increase in rent,” Cecille McCarty, who lives in Birmingham said.

Cecille McCarty’s rent has gone up $200. She’s having to stretch out her finances a lot more because of it. McCarty is one of many people we spoke with over the past few weeks dealing with soaring rent prices.

“It’s ridiculous. You might as well look to buy your own home,” McCarty said.

VinZant says rent is vastly outpacing people’s income.

“A lot of people aren’t making $1,200 a year more, especially when you factor in inflation and other costs so what we are really seeing is that people are just being bombarded on all fronts when it comes to their finances,” VinZant said.

According to data from Rent.com, rent has gone up anywhere from 4%-21% around the Birmingham metro. Is there any end in sight? That’s the million dollar question right now.

VinZant feel there needs to be more investments in affordable housing to help families make ends meet.

CLICK HERE TO GET THE WBRC FOX6 NEWS APP

Subscribe to our WBRC newsletter and receive the latest local news and weather straight to your email.

Copyright 2022 WBRC. All rights reserved.