Rising Rents Stoke Inflation Information, a Concern for Washington

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Rising Rents Stoke Inflation Data, a Concern for Washington

The recovery across the New York area has been uneven as some families have moved to the city and raised prices while others struggle to pay, said Jay Martin, executive director of the Community Housing Improvement Program, the landlord of mostly rental-regulated housing .

"You have bidding wars for a unit and then a tenant who can't pay," he said. "A story of two cities takes place in the same building."

Drew Hamrick, senior vice president of the Colorado Apartment Association, a rental group, said the rise in rents was driven by market factors rather than landlords.

"The landlords don't really set the price, the consumers set the price," he said. "They are musical chairs."

Even if there is a drop in rent next year, the suddenly higher housing costs could result in a painful adjustment phase. Higher rental costs can echo people's lives and force tough decisions to be made.

Luke Martinez, a 27-year-old in Greenville, an east Texas town, is considering buying a trailer and putting his family in an RV. after learning he was losing the three-bedroom home he has rented for about $ 1,000 a month since 2016.

"The rent is insane, even in this little town in Podunk," said Mr. Martinez.

He intends to pay up to $ 1,500 a month for a new location, which will be difficult. After being laid off at the start of the pandemic, he lived in part on savings – bolstered by an insurance payout after his car was stolen and fully charged. It wasn't until this week that he returned to auto repair. His wife was a hotel receptionist until two months ago, but now she teaches her 8 year old at home.

If they end up renting at the higher price, they will most likely afford it by foregoing a new car.

"It's pretty much just the scratching," he said of his lifestyle.

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