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Some renters are renewing leases even with steep increases because it may be cheaper to stay put. And Chicago's rent bumped up about 10% while San Francisco saw a 7.6% increase. In New York City, rent for a one bedroom averages nearly $2,100, which is about a 27% increase from last year. Some potential first time buyers are also delaying purchasing a home, with mortgage interest rates high and fewer choices. Supply chain issues, delays in the construction pipeline and an increase in material costs have led to housing and rental shortages. And that has eased a little bit, but it fell as low as 4%."

"Before the pandemic, a vacancy rate around 6% to 7% was sort of normal," he said. Apartment List has seen a dip in new rental listings. What's behind the the skyrocketing cost of rent? Salviati says there's a really strong demand for rentals but there aren't that many units available or being built. "We've been seeing in our rent index - rent has been increasing really rapidly over the course of the past year and a half." "It isn't necessarily surprising," he said. Senior Housing Economist Chris Salviati of the online marketplace Apartment List says the hikes have been going on for a while. "Usually it's $20, $50 and it goes on year after year, but $300 dollars for 400 square feet, no washer no dryer, no security? No," she said. The latest Labor Department Consumer Price Index report found the rent index rose 0.8% in June over the previous month. Nationally, rent has increased across the board. "When we first moved in, our contract was $856 and then soon as the renewal is coming, September, we got a notice that it will go to $1,200." It's a 400-square-foot studio so as soon as you walk in, you're walking into a bedroom and, supposedly, a dining area and small kitchen and a bathroom," she said. Las Vegas resident Hope Gallegos and her husband have a studio apartment. June saw the biggest monthly increase in 36 years.

Gas, groceries and now rent - surging rent prices are at an all-time high.