Median monthly rent in the US skyrockets to a record $2,031 per month

A new Zillow survey shows Americans are tired and exhausted while searching for new homes and apartments. According to the data, 2 in 5 recent renters said they lost sleep during their search, and many worried about cost, communication, and competition.

Finding and securing a rental is stressing people out, especially when the typical monthly rent in the U.S. has soared to a record $2,031, up 0.6% from June and 13.7% from a year earlier.

Not being able to find an affordable rental is the most common stressor, with 38% of renters citing it as one of the most stressful parts of their search, which coincides with a 24% increase in rents over the past two years.

According to Census United States data, the typical renter household generates $3,800 monthly, meaning they would have to spend more than half (53%) of their income on renting a typical apartment or house.

In addition to the stress caused by out-of-control prices, 26% of renters said they were concerned about following up on emails or messages from landlords they contacted. And 22% reported the same about having to compete with other tenants.

Renters are making trade-offs to get a new home in a high-risk search environment. According to the Zillow survey, 77% said they compromised on their most recent rent, the most common being settling for a place that didn’t have all the features they wanted, such as new appliances, air conditioning, or a balcony. Just under a third of recent renters (30%) said they ended up renting a smaller home than they had planned.

“Rising rents only add to the pressure renters feel during what is already an emotional and challenging process,” commented Zillow housing trends expert Amanda Pendleton. “Tenants often face a deadline to leave their current rental, and with intense competition, they need to make decisions quickly. This survey shows that many still suffer emotional and physical stress even if renters are committed to getting an apartment.”

Zillow recommends that to avoid losing sleep and relieve stress, tenants turn to the following measures: understand what they can afford and set a budget, stay organized, know their rights, and search smarter with the tools Zillow makes available to users.

For more details of the study, go here.