The US median rent price rose 8.1% year-over-year and 3.2% month-over-month to a new high of $1,575 in June, according to the Realtor.com Monthly Rental Report.

Forty-four of the 50 largest metros broke new records led by Riverside, Memphis, Tampa and Phoenix, which posted gains above 20% year-over-year. Riverside rents grew 24.3% from last year and 4.6% from May.

Driving up rental prices was the shortage of affordable housing inventory, which forced more prospective homebuyers into the rental market in June, according to Realtor.com

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Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.