By Leone

Gen Z and millennial renters are more affected by inflation than average Americans are

Rent is swiftly exceeding wages for Generation Z and Millennials, and inflation is hitting them harder.

Rents for millennials signing new leases in June and July 2022 increased 11.6% year on year.

Significantly more than the 8.5% increase seen by the rest of the country.

what is happening

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According to a new Redfin report, Generation Z also sees higher inflation,

 With a personal rate of 11.3% for new renters.

According to the survey, while income levels for both Gen Z and millennials have climbed by about 10% since 2020

Their overall expenses have increased by 17%, leaving them with less income to deal with mounting costs.

Overall Expenses,

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“Pricing power is important in business. You want your business to have the flexibility to raise prices as needed, especially with regard to inflation.”

Hendrith Vanlon Smith Jr