Bidding wars erupt for renters as the economy recovers in a hot housing market

As the economy improves, workers are moving out of shared living situations and looking for their own homes. In addition, the housing market is so expensive right now that many would-be buyers are being priced out. That has them looking for rentals.

Motwani listed a Clinton, Maryland, home two weeks ago and had 20 prospective tenants go through it. He then received 10 applications, far more than normal. Given the stiff competition, renter profiles are now changing as well. Meaning, they have more money and better credit histories. "The one that I really wanted to apply to I was looking at with three or four other people in the tour. Before I got home, I immediately got my information together, applied, and it had already had applications put in," he said.Van Slyke then tried for another one that already had multiple applications and lost out on that one as well.

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