JACKSON, Miss. (WJTV) – As the economy slowly changes, the cost of living is also changing.

According to Dwellsy, rent in the United States is up to 27.9 percent from 2021. The average rate of rent was $1,650 per month in August 2021. In August 2022, the average rate of rent was $2,110 per month.

A majority of Americans are concerned about the $460 year increase.

Jonas Bordo, CEO and cofounder of Dwellsy, said single-family home rentals are driving the overall market.

“Nationwide, that rental type is highly sought-after because Americans are looking for bigger places to live,” said Bordo. “We can thank the pandemic for that, at least in part, people want more space for home offices and from each other.”

Bordo said rent has risen more than 36 percent from August 2021. Apartment rent is up only 4.7 percent, which is a rate that comes in below overall inflation levels.

“Believe it or not, there are some cities where the asking rent has grown by over 100 percent because the steep demand for single-family rental homes is pushing up overall rental costs,” said Bordo.

Bordo said the good news is that there is a relief for renters on the horizon. He said despite the massive year-over-year increase, August saw only a $10 increase in average rent.