You're not the customer.

You're the product.

February Highlights

February 2022 marks the seventh month in a row where rent growth has reached double digits for 0-2 bedroom properties (17.1% Y/Y).

Despite a dip in the growth rate, the median rent in the 50 largest metros reached a new high, $1,792.

Studios continue to catch up with faster recent rent growth, but have the slowest growth over the last two years. Rent by size: Studio: $1,474, up 17.1% ($215) year-over-year; 1-bed: $1,648, up 16.4% ($232); 2-bed: $2,002, up 16.2% ($278).

Rents continue to increase the most in the Sun Belt metros, at an average growth rate of 22.5% Y/Y. Miami, FL was the fastest growing market, followed by Orlando, FL; Tampa, FL; Austin, TX; San Diego, CA; Las-Vegas, NV; Phoenix, AZ; Jacksonville, FL; San Antonio, TX; and Memphis, TN.

Affordability

In February 2022, rent was less affordable than the previous year. Renters earning the typical household income devoted 29.7% of their income to lease a typical for-rent home (vs. 24.8% in February 2021).

14 of the top 50 metros had a rent share higher than 30% relative to the median household income. Miami, FL, was the least affordable rental market in February 2022. The median rent for a typical 0-2 bedroom unit in Miami, FL, is twice as high as the estimated maximum affordable rent for the median household.

Kansas City, KS, is the most affordable rental market in Feb 2022. The median rent for a typical 0-2 bedroom unit was 34% lower than its estimated maximum affordable rent.

https://www.realtor.com/research/february-2022-rent/

And that is why touting "Best economy ever. Best wages ever! Stop complaining!" is not hitting average voters as well as is assumed. When your rent is up 17% but your pay is up only 4%, you're not going to count it as one of your better years within that blazing economy.

Reality is a thing that must be grappled with when formulating a strategy to at least break even come November. These numbers are the reality for tens of millions of Americans.

I've seen some variation of, "Why are voters unhappy when wages are doing the best in years?!"

This. This is why. Mix in food and energy prices, and we need better messaging than, "Best economy ever!" Because people are not feeling it.

It is not . . . trickling down.

Salient.

https://twitter.com/MattBors/status/1514282671064719364?s=20