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Freddie Mac: Almost 60% of renters saw increase during past 12 months

Nearly 1 in 5 who saw increases said they would be "extremely likely" to miss a payment
Rent increases
Posted at 7:49 PM, Aug 15, 2022
and last updated 2022-08-16 13:22:34-04

The Federal Home Loan Mortgage Corporation (Freddie Mac) has released new study data, which shows that nearly 60% of renters across the United States have seen their rent increase in the last 12 months, making it a ratio of almost 1 in 3 people in the U.S.

The increases, Freddie Mac said, were 10% or more, while only 38% of renters in the U.S. said they saw an increase in their wages. The study found that almost 1 in 5 renters who saw their payments increase said they are now "extremely likely" to miss a payment.

Kevin Palmer, head of Freddie Mac Multifamily said, “Our survey shows that the national housing affordability crisis is worsening, and that inflation is a key driver. Freddie Mac Multifamily is charging toward a record year for our affordable housing work, but it’s going to take a concerted, sustained and comprehensive effort to turn the tide.”

“The surge in rents that took place over the last 12 months has created even greater housing uncertainty for the most vulnerable renters,” Palmer said.

The data came from a nationwide online survey conducted from June 6 - 10 among a "representative sample" of 2,000 Americans 18-years-old and older. Freddie Mac said households surveyed were "almost universally impacted," with about 96% saying they saw an increase in rent in the past 12 months.

Freddie Mac is a publicly traded government-sponsored enterprise created by Congress in 1970 to try and make housing more accessible for buyers and renters across the United States.

In a March report, some renters reported hikes as large as 30%, and legal experts said that while some communities have rent control policies in place in the U.S., many do not have those same protections.

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