Renters continue to face challenges finding suitable, affordable housing, and now many renters across the nation are finding themselves facing bidding wars to get a new apartment, NPR reported.
The article told the tale of renters in both big cities and smaller towns—Chicago and Port Orange, Fla.—who encountered this new phenomenon when looking for apartments in recent months. This is just the latest difficulty renters are facing as costs continue skyrocketing and supply remains low.
Jessica Lautz of the National Association of Realtors told NPR the United States “has been underproducing both rental units and homes for purchase for more than a decade now,” since the last housing crash.
According to Freddie Mac research, the shortfall is in the millions and is hitting single-family starter homes the hardest. Building is finally getting going again, though supply chain delays mean it’s taking longer to complete homes and apartments.
And with home prices at an all-time high, more and more would-be buyers are finding themselves priced out of the market and remaining renters. And some low-income renters can’t find housing at all.
“Just the act of applying for apartments is incredibly unaffordable for low income tenants,” Lindsey Siegel of Atlanta Legal Aid Society told NPR.
The article also told the story of landlords facing rising costs and lost rents, especially with the pandemic eviction moratorium in place for the past two years. Bashir Nuruddin, who owns nine rental units in Chicago, told NPR that he’d like to see more rent control and a bigger investment in public housing.