The number of renters who spend more than 30% of their income each month on rent has reached a record high, according to Moody's Analytics.

Moody's found that "the national average rent-to-income (RTI) reached 30% for the first time" in more than two decades of tracking by the firm. That was driven by rising mortgage rates, which have prevented many Americans from buying a home and caused demand for apartments to rise, as well as a disparity between the rate of rent growth and income growth."

"The average American household continues to be squeezed. And it's having ramifications on quality of life," Thomas LaSalvia, the firm's director of economic research, told Axios.

LaSalvia added that while it's unlikely rents will rise much more, it's also unlikely rent rates will drop much.

Daryl Fairweather, chief economist at Redfin, said in a recent interview with Yahoo Finance that "we'll see very tepid rent growth until basically inflation is resolved. The Fed is trying to slow the economy down. They want to slow down rent inflation specifically. So, I think that's what we should expect is for rent inflation to slow down."

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