Housing costs are on the rise, and an increasingly tight for-sale market is pushing potential homebuyers into rentals and leases. As those would-be homebuyers snap up rentals and leases, the supply of available properties for rent has dwindled as well, driving rent up to all-time highs in some cities.

"You've got a lot of folks that are maybe being pushed out of the housing market as housing prices have increased," RentPath CEO Jon Ziglar told Yahoo Finance. "Right now, vacancies are at an all-time low across rental properties, across the U.S., and rental prices for one-bedroom and two-bedroom homes have gone up on average across the U.S. between 16% and 21%."

Ziglar told Yahoo that, while more rentals will probably come "online in the next year or so", the shortage of available properties for rent is expected to continue for some time.

When the pandemic took hold in the U.S. in 2020, rents actually decreased as many people fled from cities to less populated areas. By the time 2021 came around, that exodus was already beginning to reverse. Now, renters moving back to the cities are facing not only higher prices but also a lack of options.

"Perhaps you used to be in a three-bedroom with two roommates and now you really want to have your own place because you're at home all the time and you want more privacy," said Ziglar.

Another change that's come about since the beginning of the pandemic is an increase in remote work. As more workers switch to working from home, it's no longer so important that they find a rental near their workplace. Because of this, rents are rising in places with desirable amenities and in desirable locations, like coastal areas. In the meantime, rents in other areas have stagnated or even fallen because the demand is lower.

According to a January 2022 report from online rental platform Zumper, Fresno, CA, has seen the largest increase in rent over the past year, shooting up 28% to $1,410. New York City, on the other hand, has ended the period with the highest rental rates, seeing an increase of 25% to $3,260 per month.

Ziglar also pointed to the fact that remote workers have more freedom in how long they live in one place, making rentals more attractive than houses for those who want the chance to move from place to place. This could be another driving factor behind the jump in rent over the past year.