Rents across the United States have hit a record high, with the median rent for a one-bedroom apartment now reaching nearly $1,500 a month, according to the Zumper National Rent Index.
The sky-high rents are up almost 12 percent compared to the same time last year, the analysis finds. The jump in rents now beats out last year’s record rents.
Cities inundated with mass immigration — New York City, New York; San Francisco, California; Miami, Florida; Los Angeles, California; and Washington, D.C. — have the highest rents as thousands of new arrivals every month push up the cost of housing immensely, a boon for real estate investors and a kick in the gut for renters and first-time homeowners.
The median rent for a one-bedroom apartment in New York City, for instance, has jumped almost 40 percent since the same time last year, and rent for two-bedroom apartments has increased more than 46 percent.
In Manhattan, the median rent has hit $4,212. Meanwhile, on the west coast, rents have similarly skyrocketed. The median rent in San Francisco has hit more than $3,000 a month, while median rents in San Jose, San Diego, Los Angeles, Oakland, and Santa Ana range from $2,160 to $2,780.
In Miami, where nearly 6 in 10 residents are foreign nationals, pulling more immigrants to the area every year, median rents have jumped to about $2,500 a month. In Washington, DC, where the state of Texas is busing thousands of border crossers, median rents are now at $2,370.
At the same time, rents in cities across Ohio, Kansas, Texas, Louisiana, Kentucky, Oklahoma, upstate New York, and Iowa have dropped.
Real estate investors are some of the biggest beneficiaries of mass immigration to the United States. Immigration-driven population growth, set to bring the United States population to more than 400 million by 2060, is likely to send housing prices even higher.
A 2017 study published in the Journal of Housing Economics found that “increases in immigration into a metropolitan statistical area are linked with rising rents and home prices in that metropolitan statistical area and neighboring metropolitan statistical areas.”
As legal immigration brings over a million legal immigrants to the United States annually, as well as more than a million more on temporary work visas, the Biden administration has implemented an expansive Catch and Release network where thousands of border crossers and illegal aliens are sent all over the nation every month to await court hearings.
In the meantime, those new arrivals need housing.
While it is unclear exactly where border crossers and illegal aliens are resettling, the administration’s Alternative to Detention (ATD) program gives insight into the level of mass immigration to each city coinciding with record-high housing costs.
In Boston, Massachusetts, for instance, where the median rent has hit $2,730, the number of border crossers and illegal aliens released to the area on ATD has boomed. In December 2020, just 1,500 ATD migrants were being monitored in Boston. Today, more than 8,300 ATD migrants are in the city.
The same has occurred in New York City. In 2020, fewer than 3,700 ATD migrants were being monitored. Today, more than 10,500 ATD migrants are being monitored there. More than 16,500 ATD migrants are in San Francisco today; in 2020, about 10,600 were being monitored.
John Binder is a reporter for Breitbart News. Email him at email@example.com. Follow him on Twitter here.