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Wednesday, July 2, 2014

Rent Is On The Rise, In Spite Of Stagnant Income

A woman and child walk down a street in the Fort Greene neighborhood on February 27, 2014. Numerous Brooklyn neighborhoods, which were once considered dangerous and underdeveloped, have gone through transformations in recent years resulting in more affluent newcomers displacing long time residents. (Spencer Platt/Getty Images)

A woman and child walk down a street in the Fort Greene neighborhood on February 27, 2014. Numerous Brooklyn neighborhoods, which were once considered dangerous and underdeveloped, have gone through transformations in recent years resulting in more affluent newcomers displacing long time residents and causing rents to rise. (Spencer Platt/Getty Images)

A new report shows rents are up in cities and metro areas across the country, as demand for apartments continue to exceed supply.

The average monthly apartment rent for the year’s second quarter was $1,099, up from $1,064 at the same time last year. The quarterly report from Reis, the real estate research firm, revealed that this was the 18th consecutive quarter of rent increases.

This comes as median household income remains stagnant. Joe Weisenthal of Business Insider joins Here & Now’s Robin Young to discuss what’s driving these numbers and what we can look forward to in the future.

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