The rental market is experiencing a rapid increase in rents and decrease in vacancies across the country. This trend is being driven by a number of factors, including strong demand for rental housing, limited supply of available units, and rising costs of living.
The demand for rental housing has been steadily increasing over the past few years. This is due to a number of factors, including an increase in the number of people who are unable to purchase a home due to rising prices, as well as those who are choosing to rent instead of buy. Additionally, the population of young adults aged 18-34 is growing, and many of these individuals are choosing to rent rather than buy a home.
At the same time, the supply of available rental units is not keeping up with the demand. This is due to a number of factors, including a lack of new construction and the conversion of existing housing units into condominiums or other forms of ownership. This has resulted in a decrease in the number of available rental units, which has caused rents to increase.
The cost of living is also increasing, which has made it more difficult for renters to afford their monthly rent payments. This has resulted in an increase in the number of people who are unable to pay their rent on time, which has further contributed to the decrease in vacancies.
The combination of these factors has resulted in a rapid increase in rents and decrease in vacancies across the country. This trend is expected to continue for the foreseeable future, as demand for rental housing continues to outpace supply. As a result, renters should be prepared for higher rents and fewer available units in the near future.