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When people have to spend more and more on rent, there’s not much left over for other essentials.
A new report from ATTOM says it’s now cheaper to rent than own a place in most parts of the country.
There was a huge surge in demand early in the pandemic. That has cooled down dramatically, and in some areas, demand is starting to be met.
Migration shifts due to the pandemic are among the factors that have contributed to price fluctuations in the rental market.
One report found that net effective median rent in Brooklyn jumped more than 27% year-over-year in August.
Rents have been rising fast along with the price of homes, prompting discussion of rent control or stabilization.
Putting rental units on the market isn’t easy, though.
Rent growth is expected to ease after interest rates slow down homebuying. It will take even longer for inflation numbers to reflect that.
Some private-sector sources are reporting that year-over-year rent increases slowed down in June. This could be good news for inflation, but not anytime soon.
People looking to break out of shared housing are increasing demand for rentals, but supply is limited.
