{"id":31990,"date":"2022-06-01T12:39:04","date_gmt":"2022-06-01T12:39:04","guid":{"rendered":"https:\/\/harchi90.com\/the-next-phase-of-americas-competitive-white-hot-market-desperate-renters-facing-bidding-wars\/"},"modified":"2022-06-01T12:39:04","modified_gmt":"2022-06-01T12:39:04","slug":"the-next-phase-of-americas-competitive-white-hot-market-desperate-renters-facing-bidding-wars","status":"publish","type":"post","link":"https:\/\/harchi90.com\/the-next-phase-of-americas-competitive-white-hot-market-desperate-renters-facing-bidding-wars\/","title":{"rendered":"The next phase of America’s competitive white-hot market: Desperate renters facing bidding wars"},"content":{"rendered":"
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Renters diving into a white-hot housing market are over-bidding on available apartments, marking the death knell of pandemic-era deals and months of free rent – all while potentially imperiling tenants who can’t afford to compete. <\/p>\n

A realtor in Philadelphia, for example, told the Philadelphia Inquirer she \u201cbroke down and cried with my client\u201d after losing a potential rental property to someone who was willing to pay $ 500 above the listed rental price. A renter in Los Angeles told the Los Angeles Daily News she forked over $ 60,000 – a year’s worth of rent, up front – just to land a five-bedroom home for her family after she was beat on offers for two separate places. A New York City tenant similarly told the New York Times they were outbid on \u201cmultiple rentals\u201d before they were eventually able to secure an apartment.<\/p>\n

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The bidding trend seeping into the cut-throat race to sign a lease in some of America’s biggest cities comes amid a housing shortage and fast-rising rents. While some renters can – and will – pay above a landlord’s asking price to secure their spot in the frenzy, it’s just as likely that others will be priced out or wind up spending more than they should. <\/p>\n

“Renters are being left with few options but to meet higher rents and, in some cases, even offer above asking – whether they can afford to or not,” Realtor.com Chief Economist Danielle Hale said in a statement this month after the real estate website released data showing the median rent in the nation’s 50 largest metropolitan areas had reached $ 1,827 in April. <\/p>\n

(Realtor.com is operated by News Corp subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp.)<\/p>\n

\n
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\n “<\/span>‘The current combination of high home prices and low inventories is making homeownership less accessible, pushing up rentership rates among older and higher-income households.’“<\/span>\n <\/p>\n


\n – The Joint Center for Housing Studies<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

Higher-income tenants are increasingly entering the rental market, in part due to the rising cost of for-sale homes, according to the Harvard Joint Center for Housing Studies. That mean’s they competing with people who traditionally rent out of necessity, since they can’t afford homeownership. <\/p>\n

\u201cThe current combination of high home prices and low inventories is making homeownership less accessible, pushing up rentership rates among older and higher-income households,\u201d the Joint Center for Housing Studies said in a January report. <\/p>\n

“At the same time, the influx of higher-income households into the rental market is driving up rents, potentially reducing the ability of younger and lower-income adults to form renter households,” it added. “The question now is whether there will be a sufficient supply of affordable and available housing to prevent this outcome.”<\/p>\n

The nation is short 7 million affordable homes for extremely low-income renters, who are disproportionately Black, Latino, Native American, and Asian, according to the National Low Income Housing Coalition. The organization attributed this shortage to a combination of systemic racism and income inequality.<\/p>\n

Because rents are spiking – up 17% year-over-year in March, according to Redfin – one solution to avoiding bidding wars might be to simply stay put. Landlords may be more forgiving with existing tenants, Daryl Fairweather, Redfin’s chief economist, told MarketWatch.<\/p>\n<\/p><\/div>\n<\/div>\n

.<\/p>\n","protected":false},"excerpt":{"rendered":"

Renters diving into a white-hot housing market are over-bidding on available apartments, marking the death knell of pandemic-era deals and months of free rent – all while potentially imperiling tenants who can’t afford to compete. A realtor in Philadelphia, for example, told the Philadelphia Inquirer she \u201cbroke down and cried with my client\u201d after losing …<\/p>\n

The next phase of America’s competitive white-hot market: Desperate renters facing bidding wars<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":31991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[15639,15635,185,116,1297,2609,1921,5024,627,2603,2590,2608,2605,2591,2606,15636,8460,2592,2604,10415,3326,15646,15642,2607,323,10416,8466,110,1922,8462,2593,15645,15634,15641,15637,15640,1352,15644,596,2594,15643,15638],"jetpack_featured_media_url":"https:\/\/images.mktw.net\/im-457333\/social","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/images.mktw.net\/im-457333\/social","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/31990"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=31990"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/31990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/31991"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=31990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=31990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=31990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}