According to National Mortgage News, rent increases are climbing at unprecedented rates. In fact, in 2021 alone, the rate of increase is at 9.2%, well above the rate of wage increases. In addition, surveys made by Fannie Mae suggest that renters are expecting rents to climb 7 to 10 percent higher.

See the news here:

https://www.nationalmortgagenews.com/articles/soaring-u-s-rents-are-the-sticky-inflation-with-staying-power