The Snowballing U.S. Rental Crisis Is Sparing Nowhere And No One
A Las Vegas bartender coping with a recent cancer diagnosis is fearing eviction. A young professional in Tucson is skipping car payments to afford her higher rent. A researcher in Miami signed the lease for her new apartment sight unseen.
Rental costs in the US are soaring at the fastest pace in more than three decades, surpassing a median of $2,000 a month for the first time ever and pushing rents above pre-pandemic levels in most major cities. Increases are particularly steep in metropolitan areas that saw large influxes of new residents during the pandemic, but the rental market is sparing almost nowhere and no one.
While the affordability crisis in the US is not new, it has snowballed over the past year as people returned to big cities and some areas short on housing supply saw a boom of new residents. Demand for rentals has soared, with many would-be homebuyers backing out of the market after mortgage rates jumped this year as a result of the Federal Reserve’s aggressive interest-rate hikes.
Tight inventory is leading to bidding wars, typically more a fixture of the homebuying market. Rising costs and a shortage of available units are giving landlords the leverage to hike rents at all price points. And the end of the federal eviction moratorium, combined with dwindling rental assistance, has forced people to make tough choices.
“It’s pretty much the perfect storm for renters right now,” said Kate Reynolds, principal policy associate at the Washington-based Urban Institute. “Those renters and their landlords don’t have a place to turn if they’re unable to pay the rent.”
https://www.fa-mag.com/news/the-snowballing-u-s--rental-crisis-is-sparing-nowhere-and-no-one-69188.html
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This is an OUTRAGE!!!!!!!
& recommend !!!!!
