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The Squeeze on Renters Is Getting Worse

Summer’s traditionally when moving vans clog the streets as people try to get settled in new homes and apartments before the school year starts. Renters looking for an affordable lease this year may have a tough time finding one.

Trulia’s Chief Economist Jed Kolko compared newly released wage data to current rents and found that rents increased faster than pay in all of the 25 largest metro areas over the past year. The traditional rule of thumb is that rent shouldn’t eat up more than 30 percent of a household’s income to be considered affordable, and the Trulia data show that in 15 major metro areas the median rent for a two-bedroom unit is now more than 30 percent of average pay.