Rents have exploded across the country, causing many to fall behind on payments, dig deep into their savings or downsize to subpar units
Experts say many factors are responsible for astronomical rents, including a nationwide housing shortage, extremely low rental vacancies and unrelenting demand as young adults continue to enter the crowded market.recent report from Harvard University's Joint Center for Housing Studies
Meanwhile, the number of homes for sale have been at a record low, contributing to ballooning home prices that have caused many higher-income households to remain renters, further upping demand. Most investors aren't tied down by rent control. Only two states, California and Oregon, have statewide rent control laws, while three others – New York, New Jersey and Maryland – have laws allowing local governments to pass rent control ordinances, according to theAnd laws in some states like Arizona actually restrict local jurisdictions from limiting what landlords can charge tenants.
Arizona Sen. Kyrsten Sinema decried the increases during a recent Senate Banking Committee hearing, saying Arizona's rapidly growing housing costs have been a “major concern” of hers for years. In Miami, Guerra has started packing her belongings ahead of her March move-out date. She spent weeks frantically looking for places in her budget but said she couldn't find anything that wasn’t “either incredibly small, incredibly broken down or an hour away from work and everyone I know.”
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