The Tory MP, who was also previously in charge of immigration, wants more homes built and says net migration should be brought down to the "tens of thousands" to ease demand.
His warning comes as research by the Adam Smith Institute showed the average renter in England has to work 125 days to earn enough before tax to cover their annual bill to landlords.
Mr Jenrick - who resigned from the Cabinet last year as he did not believe the scheme to send illegal immigrants to Rwanda robust was enough to survive legal challenges - is widely seen as a future Tory leadership contender.
The Newark MP said: "This is a stark reminder to the Westminster bubble of just how distorted and unaffordable the rental market has become.
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