Hudson Berkshire Experience Fri, 23 Jul 2021 00:04:57 +0000 en-US hourly 1 Hudson Berkshire Experience 32 32 Rising rents threaten to support inflation Thu, 22 Jul 2021 22:17:27 +0000

Kaitlin Cindrich faces a monthly rent increase of $ 200 in August if she and her husband can renew the lease on their apartment in Provo, Utah. This 25% jump is not something she expected, and the 21-year-old fears she may have to skip doctor’s appointments for her autoimmune disease in order to keep up with payments .

Still, she admits there isn’t much choice but to pay more. “We hope to stay because everything is so expensive right now that I would pay the same whether I am here or elsewhere,” Ms. Cindrich said.

The rental market, which collapsed during the pandemic, has recovered faster than many economists anticipated, and renters across the country are facing the shock of the stickers. When the pandemic hit, many people who lost their jobs ended their apartment leases to temporarily live with their parents or roommates. Others fled the big cities for health reasons. Apartments became empty and landlords started offering incentives, such as a free month, to attract tenants.

Today, as people move on their own or return to cities and office jobs, and existing tenants find they cannot afford to buy a home in a booming housing market, the demand for apartments and single-family rentals is rebounding – and even hot air in some places. Last month, rents were up 7% nationwide from the previous year, according to data from Zillow. While this was measured against a weak June 2020, the gain was also solid 1.8% from May.