Renters in America Are Running Out of Options

1 year ago
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#renters #america

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Renting an apartment in america has always been a very simple and easy thing to do. Just twenty years ago, rents would be in the range of $300 - $600 per month and it was very affordable for all that worked a job. Most people made five or six times their rent and could easily afford it. However now rentals in New York City, Brickell Miami, Austin Texas and other locations are seeing rents increasing between 50% and 100%.

These rental rates are absolutely obscene and it is pushing more and more people into a desperate situation. We are seeing increased interest rates pushing more people, investors and homebuyers from buying properties and instead the investors are buying apartments and home buyers that are no longer able to qualify for a mortgage are now renting an apartment.

This is putting more of a strain on the available inventory and in locations such as New York City there is a whopping 595,000 tenants that are behind on rent out of a total of 2,180,000 rentals. That means that 27% of all people occupying units in NYC are not currently paying rent.

I believe that these landlord are pushing off the losses onto other units to make up the difference. Very similar to how insurance companies handle a chain of events that leads to loses. They simply increase the costs across all other policy holders.

Will rents settle or will rents continue to rise?

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