Rent continues to increase: Here are regions, states where it’s changed the most

Inflation report hotter than expected

Sherod Waite, CEO and Financial Advisor at MoneyWise Wealth Management, joins LiveNOW's Austin Westfall to break down the latest Consumer Price Index report.

Inflation rose faster than expected in March as an increase in costs kept prices painfully high for millions of Americans.

Rent was one of the categories in which prices continued to increase, according to The Labor Department’s consumer price index (CPI).

Rent costs rose 0.5% for the month and are up 5.7% from the same time last year.

Research from Rent.com, an apartment search engine and online marketplace, found the median rent price in the U.S. last month to be $1,987.

Here’s how that number breaks down across the country:

Rentals by region

Northeast: Where rent remains the highest in the nation. This region has experienced a 3.8% rise in asking rents on a yearly basis.

The West: Where rent is the second highest in the nation. Markets were slightly down here in March, as oversupply and job relocations amid pandemic-era growth have caused a cooling, Rent.com said.

The South: Where rent is the second most affordable. Asking rents have gone down slightly, in part because supply continues to be delivered in the region, Rent.com said.

The Midwest: Where rent is most affordable in the nation, though it’s also the area that has recorded the largest increase year over year. Asking rents in the Midwest rose by 5.3%, according to Rent.com’s data.