Monthly rents skyrocket amid record inflation: "It's impossible to prepare for"
As inflation puts the U.S. economy in flux, monthly rents are skyrocketing, pricing some people out of their homes.
South Florida resident Jamie Wolf, who is a single mother raising three children, says her landlord is raising their rent by nearly $1,000 per month — a 30% hike.
"It's impossible to prepare for," Wolf told CBS News.
Apartment sticker shock is happening nationwide, soaring nearly 20% last year across the U.S. In the Miami metro area alone, rent is up by nearly 50%.
"They're scared. They have tapped into everything they could tap into," said Diana Stanley, who helps homeless people and those on the brink of homelessness at The Lord's Place in West Palm Beach.
Among those seeking help is a woman named Ana. She said her rent doubled and with few options, she may have to live out of her car.
"You have to have a place to live. You have to have a place to bathe," Ana said when asked how hard it is to lose her home.
"We are all holding our breath saying, 'When will this end?'" Stanley said.
But the end may not be in sight — and Stanley worries it may soon get much worse.
"We're going to have a massive increase in homelessness. I don't even think we have reached the tip of the iceberg on this," Stanley said. "And that's what scares all of us."
