Half of US tenants can’t afford to pay their rent. Here’s what’s ahead | CNN Business
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Half of renters in the United States have found themselves paying more than they can afford, following years of surging rents. But an increase in the construction of multiple-unit buildings has boosted the supply of apartments, which is slowly beginning to rein in runaway rents.
  • AutoTL;DR@lemmings.worldBEnglish
    2·
    5 months ago

    This is the best summary I could come up with:

    But an increase in the construction of multiple-unit buildings has boosted the supply of apartments, which is slowly beginning to rein in runaway rents.

    This may come as some relief to the 22.4 million households who, according to Harvard University’s Joint Center for Housing Studies, pay more than a third of their income in rent.

    In addition, the report found that evictions are rising as pandemic protections have expired and a record-high number of income-eligible renters can’t get assistance as rental support falls short.

    The median rent fell to $4,000, down 4.6% from October and down 2.3% from the year before, according to a report from the brokerage firm Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants.

    “We’re seeing supply and demand switch places in real time,” said Anthemos Georgiades, chief executive of Zumper, an online rental marketplace.

    Without continued new supply in addition to enhanced rental support, the Harvard report concludes affordability will remain a critical concern for many renters.

    The original article contains 725 words, the summary contains 163 words. Saved 78%. I’m a bot and I’m open source!

  • LocoOhNo@lemmus.orgEnglish
    2·
    5 months ago

    The absolute gall of both landlords and rental agencies to charge $2k a month for a rat nest of an apartment and then put in the lease that you have to make 3 times that much just to be considered…I don’t know anyone that makes $6k a month. Corporations are lobbying as hard as they can to keep wages as low as they possibly can…

    It’s far beyond time for a national walkout. Shut this shit down hard.