Bidding to rent a home? It’s an unexpected tactic in a competitive market.

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Like home buyers, renters now are facing bidding wars in a fiercely competitive market

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

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 house in Roxborough she had planned to rent on Airbnb. Israel’s client signed a lease for $1,450.Israel has seen rental bidding wars at small-scale properties since the pandemic started, she said.It’s gotten worse.

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.

 

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Land Value Tax would solve this.

RedwoodGirl THIS is a great topic for some real journalism. My generation was told that buying a house was the surest way of building wealth. Well, 2008 blew that up. Now folks are struggling all over. It's the bottom of the Maslow pyramid. What do we do?

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