Like home buyers, renters now are facing bidding wars in a fiercely competitive market
The licensed practical nurse couldn’t afford a $400 hike in her rent. So she started hunting for a new place.
A Facebook post Israel wrote in frustration about her client’s situation has been shared by more than 16,500 people, and rental property owners reached out to help. One told Israel she was “heartbroken” over the post and offered a house in Roxborough she had planned to rent on Airbnb. Israel’s client signed a lease for $1,450.Israel has seen rental bidding wars at small-scale properties since the pandemic started, she said.It’s gotten worse.
As rents continue to rise, struggling tenants, who generally have to put down a couple months’ rent at once, already are stretching their budgets looking for homes. They don’t have the money to offer higher monthly payments — if they can even find a place.
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