Nearly 60% of renters say their rents increased in the past 12 months, with about 1 in 3 people seeing rent increases of 10% or higher, according to a new survey by Freddie Mac

In contrast, only 38% of renters received wage increases. A third of those say their raise won’t cover their increased rent. And nearly 1 in 5 who experienced a rent increase say they are now “extremely likely” to miss a payment, the survey showed.

“The surge in rents that took place over the last 12 months has created even greater housing uncertainty for the most vulnerable renters,” said Kevin Palmer, head of Freddie Mac Multifamily. “Our survey shows that the national housing affordability crisis is worsening, and that inflation is a key driver…it’s going to take a concerted, sustained and comprehensive effort to turn the tide.”

The online survey of about 2,000 consumers was conducted nationally in June. 

The survey also found that nearly three-quarters of renter households who have changed their homebuying plans this year said they’ve become at least “somewhat less likely” to buy a house over the past 12 months. Among those less likely to buy, 50% said it was because of high home prices, while increased interest rates (34%) and difficulty coming up with a down payment (39%) were significant barriers for others, according to the report.

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