A recent news broadcast states rents jumped twenty (20%) in the U.S amid the housing shortage. Rental prices are soaring with the average two-year change coming in at 20% or higher, here is a breakdown by city:
Two-Year Rental Increases by city:
Jacksonville + 29.2%
Memphis + 41.4%
Riverside, CA +48.2%
Las Vegas +34.4%
New Orleans -+34.4%
Phoenix - +29%
There is no projection for when the rental increases will subside due to the shortage of affordable housing for people. The home building industry is impacted by the increase in the price of lumber and a shortage of home builders. Rents will continue to increase in this all-cash buyers market.
There will likely be more homelessness in the near term because the average citizen cannot pay a $1,100 increase when renting a house, government intervention is required in matters such as this.
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