BELOW SUPERNAV drop zone ⇩

Renters face apartment bidding wars amid increased demand

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

(NewsNation) — Bidding wars are popular when it comes to buying a home in hot markets. But now, renters are realizing the advertised rental rate for an apartment may not be enough to secure them a place to live.

The demand for rentals right now is high, according to data recorded by Real Page Market.

Rising mortgage rates, growing fears surrounding inflation and supply chain snags all contribute to the increasing rental demand.

The median rental price for the country is $2,002, according to a recent report from Redfin, which means half the country is paying more than $2,000 a month for rent. And that number continues to grow.

Adrian Savino, director of leasing and business development for Living New York joined NewsNation’s “Morning in America” on Tuesday to discuss why the rental market is seeing this increase in demand, and how renters end up paying more than originally advertised.

Savino explained that in March 2020, there was a mass exodus out of cities, most likely due to the pandemic. But now, everyone who left is starting to return.

“It’s kind of interesting … there’s been a boomerang effect. So you’re seeing a lot of people come back, demand is coming back into an undersupplied market. So because of that, you’re seeing prices push up,” Savino said.

Looking at StreetEasy’s Data Dashboard Tuesday morning, Savino saw the overall supply from May 2021, which consisted of about 55,000 rentals, drop drastically in 2022, to about 30,000 rentals. The supply had been cut nearly in half within the year.

“So with supply cut in half, you know, you’re seeing prices here (New York) average prices closer to $4,500. So, you know, compared to the national average, obviously, that’s a huge jump as well,” Savino said.

“The only segment of apartments that allow for bidding wars are market-rate apartments, so it might not trickle down as much as you’d think. But again, this is affecting everyone,” Savino said. “It’s kind of interesting to just look through the data and understand that, you know, this is happening across the board.”

There just aren’t enough apartments to rent to meet the demand.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Sunny

la

52°F Sunny Feels like 52°
Wind
2 mph E
Humidity
47%
Sunrise
Sunset

Tonight

A few passing clouds. Low 48F. Winds light and variable.
48°F A few passing clouds. Low 48F. Winds light and variable.
Wind
3 mph NNE
Precip
9%
Sunset
Moon Phase
Waning Gibbous