Sep 3 2021 38376 2

Dated: September 3 2021

Views: 28

Renters face bidding wars as supply dries up

Bidding wars are becoming so common that they’re even impacting the rental market, as numerous want to be tenants vie for a dwindling supply of homes and apartments listed for rent.

Demand for rental properties is surging as workers begin moving out of their shared living situations as the U.S. reopens and gets back to work. Add to that, thousands of people who’re priced out of buying a home, and there is suddenly a whole lot of people scrambling to try and rent a place.

Supply can’t keep up and now landlords are reporting having multiple applications on their best properties, with some even trying to stand out by offering to pay more than the asking rent. It’s a situation that was only ever really seen in the home buying market,

Another thing is that, with such stiff competition, renter’s profiles are changing as well, and people have more money and better credit histories than before.

The rental applications that we’re getting right now, you’re seeing higher credit scores, you’re seeing applicants willing to put down more in terms of security deposit, you’re seeing strong rental history as well. That wasn’t necessarily the case pre-Covid.

Experts say the new eviction moratorium put in place by the Centers for Disease Control and Prevention is another factor that’s pushing rental prices up. With landlords across the U.S. still unable to evict non-paying tenants, it means there are fewer rental homes available for those who can pay. Some landlords who haven’t been paid have looked to offset their losses from non-paying tenants by asking for more on the units that are vacant. With demand so high, they feel they can justify bumping up their rents.

The eviction moratorium has caused hardship for landlords, and that couples with the fact the Rental Assistance Program has not actually kicked in, in the fashion it was intended to, has really caused a squeeze on both renters and their landlords,

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