Lease a two-bedroom apartment in Miami, and you could be putting more than half your salary into the rent check. The same is true for Los Angeles and New York City—and it's only getting worse, according to a report from real estate company Trulia.
Rents are rising most in the local housing markets where renters are already stretched thinnest. In the five least affordable markets, rents are now 7.8 percent higher than they were a year ago.
"Rents are rising because of strong demand that supply hasn't kept up with. Nearly all the new households are renters, and young people moving out of their parents' homes will keep fueling rental demand," said Jed Kolko, chief economist at Trulia.
Read more...Rents skyrocket well beyond wages
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.