Rents have exploded across the country, causing many to dig deep into their savings, downsize to subpar units or fall behind on payments and risk eviction now that a federal moratorium has ended.
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
Construction crews are also trying to bounce back from material and labor shortages that at the start of the pandemic made a preexisting shortage of new homes even worse, leaving an estimated shortfall of 5.8 million single-family homes, a 51% leap from the end of 2019,A record 18.2% of U.S home purchases in the third quarter of 2021 were made by businesses or institutions,
In Tucson, Arizona, the mayor’s office said it has been deluged with calls from residents worried about rent hikes after a California developer recently bought an apartment complex that catered to older people and raised rents by more than 50%, forcing out many on fixed incomes.The rent on a one-bedroom apartment in the complex went from $579 to $880 a month, an increase legal under Arizona state law.
“Improving supply growth should help create more balance in the market,” said Hale, who forecasts rents to rise 7.1% in 2022.
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