Such rent increases mean there’s room for more landlords, more houses and apartments for rent.
(Reuters) – One night last spring, David Hall returned home to his studio apartment outside Boston to learn that his monthly rent had spiked from $725 to $995.
It would be much cheaper for the maintenance manager to buy a nearby starter house than to stay put. But his mortgage broker told him that while his credit score was good, it was not high enough to meet banks’ tough standards, he said.
“I know if I walk into a bank, they are just going to laugh at me,” Hall says. “So I’m stuck.”
He is not alone.