Rent has increased for 17 straight months

Median residential rent in the U.S. hit a record high of $1,879 a month in July, up 12.3 percent year-over-year, according to Realtor.com. Rents in the U.S. have gone up for 17 straight months. "Whether in a downtown area or suburb, staying put or making a change, renters are stuck between a rock and a hard place when it comes to affordability," said Danielle Hale, Realtor.com's chief economist.