Under Bidenomics, renters across America's cities are facing soaring costs, with nationwide rent averages rising 23 percent since 2021, according to new data. As rental prices surge, critics argue the Biden-Harris administration's policies are deepening the housing crisis.
Under the Biden-Harris administration’s economic policy, dubbed "Bidenomics," renters in America's urban centers are facing significant financial pressure as rents have surged nationwide. According to new Consumer Price Index (CPI) data from the U.S. Bureau of Labor Statistics (BLS), the national average rent has increased by 23 percent since President Joe Biden and Vice President Kamala Harris took office in January 2021.
The CPI for urban renters rose steadily after the administration took charge, gaining 79 points between February 2021 and August 2024. Midwestern cities have been hit slightly harder, with a nearly 24 percent rent hike over the same period.
Hawaii, Washington, D.C., and California now have the highest average rental costs in the nation, with monthly rents surpassing $1,500. In contrast, states like South Dakota, Arkansas, and West Virginia have some of the lowest rents, averaging under $800 per month.
In cities like New York, where the housing crisis is acute, local officials have reportedly begun providing $5,000 grants and gift cards to illegal migrants to help cover rental costs, raising concerns about fairness in an already strained rental market. As housing affordability continues to erode, Bidenomics is increasingly being criticized for exacerbating financial hardships among renters.
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