If you're looking to rent a single-family home, you are in for some sticker shock. Rent for these properties shot up nearly 11% in October. The massive jump is due to a familiar scenario — too much demand and not enough supply.
Vacancy rates are at a 25-year low and many in the market have been priced out of buying a home — forcing them to rent instead.
Research economist Luis Bernardo Torres Ruiz says high home prices are driving some people to rent, which raises demand and prices for those rental properties.
"I think we've definitely reached the peak," Ruiz said. "Now we're expecting the market to go back to normal levels. In the coming months and the coming year, we expect the market to go back to pre-COVID levels."
However, if you don't want to deal with the rising rental prices, Ruiz recommends buying a house if it's something that fits your budget.