Rent growth slowing down in most major cities in the country

The median rent in the nation's 50 largest metropolitan areas reached $1,827 in April, marking the 14th consecutive month of consecutive highs and a 16.7% increase from last April, according to a new report from Realtor.com.

What is the good news? Rent growth is slowing down after hitting a 17.1% peak in January, according to Realtor.com.

The national median rent will surpass $2,000 in August if rent growth doesn't slow down further, with tenants living in Sun Belt or studio apartments being among the most impacted.

The April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs, forcing many would-be buyers to rent longer than planned, according to Realtor.com Chief Economist Danielle Hale. Renters are left with few options but to meet higher rents and in some cases even offer above asking — whether they can afford to or not. It goes without saying that renters are already feeling the burn. Inflation is at a 40 year high, due to housing prices and an inventory crunch. A recent quarterly survey of landlords and renters from online real estate services platform Avail showed that more than three-quarters of renter households said they were saving less money due to increased costs compared to this time last year.

In the past year, rents in Miami have gone up by nearly 52%, according to Realtor.com. Two dozen local mayors in the Miami-Dade County area met Wednesday to discuss the affordable-housing crisis, according to the Miami Herald. The leader of Hialeah, a overwhelmingly Hispanic city with a poverty rate of 19.6%, said people are parking campers and trailers outside their homes and renting them out for $800 and $900 a month.