Surging rent prices – instead of gas – are now hitting consumers hard, according to data from Bank of America Institute. Median rent payments for Bank of America customers increased by 7.4% year over year in July, a slight pickup from 7.2% in June. Increases were seen across all income groups, but middle-income and younger Americans saw the largest increases, the report said. Generationally, Gen Z (or those born after 1996) suffered the largest 16% jump in median rent payment in July from last year, while Baby Boomers (born between 1946 and 1964) only saw a 3% increase, the data showed. For more on rising rent prices, click the link in our bio.