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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.
“It’s a new level of insanity in the market,” said recent New York City apartment seeker, Maya Kosoff.
Investment firms might be able to pay more for renovations, but critics say they accelerate evictions.
In Spokane, Washington’s hot rental market, finding an affordable home is “like a full time job” said Spokane Valley resident Kali Capps.
Bidding wars to rent? One would-be renter says that’s going on in Houston, Texas.