Like home buyers, renters now face bidding wars in competitive market

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As home buyers face a limited supply, demand for rentals is strong too. Prospective tenants are battling, especially at the lower end of the market.

The licensed practical nurse couldn't afford a $400 hike in her rent. So she started hunting for a new place.

People are also reading… A Facebook post Israel wrote in frustration about her client's situation has been shared by more than 16,500 people, and rental property owners reached out to help. One told Israel she was"heartbroken" over the post and offered a Philadelphia house she had planned to rent on Airbnb. Israel's client signed a lease for $1,450."It was nothing I had ever seen before," she said,"and it was crazy.

As rents continue to rise, struggling tenants, who generally have to put down a couple months' rent at once, already are stretching their budgets looking for homes. They don't have the money to offer higher monthly payments — if they can even find a place. Although rental property owners deny many clients because of poor credit or prior evictions, Garland said,"it doesn't surprise me that tenants that are perfect from a landlord screening perspective are finding it difficult" to find a home also.

Nationwide, the median rent reached $1,827 in April, up 21% from April 2020 and almost 17% from April 2021, according to a Realtor.com report. It's on track to pass $2,000 by August. April marked the 14th straight month of record high median rents.

 

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