Rents are going up again and for some it is to shocking levels.
In New York some are facing an increase in their rent of 70% and that means they are left looking for alternative housing. Not many would be able to or willing to pay for that 70% increase.
The increased demand for renting means that there are bidding wars going on now for renters as well, not just home buyers.
Rents are skyrocketing in some regions in the U.S. it is expected that they are only going to be getting higher too.
In Utah they've seen rent increases more than 66% and some say that it's insane how expensive things have gotten in the rental market there. There are renters in other areas feeling the same pain.
Multiple families have been forced out of their homes because of dramatic increases in rent this year so far, some of them have been trying to fight back.
Average rent in Florida is up more than 30%.
To add to that there are recent studies that have also found homes to be grossly overvalued in multiple regions in the U.S. including housing markets in places like Idaho, Utah, and Texas, among other regions.
In some areas like Boise Idaho it is estimated that some homes are selling at more than an 80% premium.
Rent has become unaffordable for minimum wage workers in cities all over the country. In Tampa FL it takes 3 min wage jobs to cover rent. One recent report showed that someone working full-time on a minimum wage job wouldn't be able to afford rent in any city in the U.S. today.