Looking for a new rental property? Good luck!
Rents nationwide are soaring. According to Rent.com, Redmond, Washington is up 86% from last year. and the current average monthly rent is $4,222. The average rent in Glendale, California is $4,472, up 36% from last year. In Fluggerville, Texas, near Austin, rents are up 126% year-over-year to $2,769 a month.
It is developing into a rental dispute.
Federal public defender Michael Citrin was looking for a rental property in Los Angeles.
"I don't know how many places have applied and been rejected," Citrine said. "And I'm looking with two other professionals."
They tried to rent a three-bedroom bungalow in South Los Angeles for $4,100 a month. , someone bid as high as 10%. "There's a good chance he won't find anything in the next two weeks. In that case, I'll store it and put it on a friend's couch."
National Realtor Blake Stargel listed his 3-bedroom in Los Angeles for $4,700 a month. In his first 24 hours he received 50 inquiries.
"We had an offer up to $5,500 on this property," he said.
Stargel said people are bidding more than the asking price because of the competition.
"After COVID, people who were working remotely are coming back," he said.
Rising interest rates on mortgages is one of the reasons he. According to Bankrate, the average interest rate for a 30-year mortgage is 5.6% for him.
"All of this will put upward pressure on rents," said John Leckie, a data journalist at Rent.com.
- Los Angeles
- Mortgage Rates
- Rent
- Home Sales
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