Rental rates across the country are increasing, and when it comes to whose rent is rising fastest Austin, Texas, is on top. According to Redfin's rental market tracker, Austin's rental rates for new leases rose 40 percent over the last year.

According to online apartment rental site Zumper, average rent increased 12 percent in 2021 and is now at an all-time high. Why are they rising now? And what can tenants, landlords, and policymakers do about it?

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