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Economic Report: Still too damn high: how can we address rising rents?

Associated Press
A “For Rent” sign in front of a house in Salem, Ore.

Rental price growth, which took a brief breather this winter, is surging higher again, adding fresh urgency to policymakers’ considerations of how to address a worsening affordability crisis.

In March, the cost of rent was 3.7% higher than last year, the Labor Department reported Wednesday. That’s the strongest annual growth since April, and a tick higher than the full-year average of 3.6% yearly gains throughout 2018. What’s more, it’s still growing faster than wages, as average hourly wages grew 3.2% over the same time period.

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