Consider This from NPR The Rental Market Is Wild Right Now
Jun 23, 2022
Jennifer Ludden, an NPR reporter specializing in the rental market crisis, joins Carl Gershenson, Project Director of the Eviction Lab at Princeton University. They discuss the astonishing 15% increase in rental prices nationwide and the intense competition forcing renters into bidding wars. Ludden highlights how rising interest rates are pushing potential buyers into the rental market, heightening eviction risks. Gershenson explores the long-term challenges evictions create for finding new housing, especially among marginalized communities facing racial disparities.
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Chicago Rental Market
- Sarah DaCosta faced a bizarre rental market in Chicago with open houses and bidding wars.
- She lost out on multiple apartments, even offering $150 above asking price for one smaller than her current.
Florida Rental Hike
- Brandon Sweetis, a single dad in Florida, found his former rental listed at a much higher price.
- He lost another potential home to someone who offered $200 more without even viewing it.
Rental Market Factors
- Low housing construction, supply chain delays, and millennials entering the rental market have increased demand.
- This makes it a profitable time for landlords but challenging for renters.