America's rents hit record highs.
The foreclosure crisis has spawned a new and even more sinister monster in the housing market - skyrocketing rental prices. The 4.6 million foreclosures during the housing meltdown has added to the already burgeoning rental market, thus creating a shortage of rental housing and an increase in pricing.
There are now four million more renters today than there were in 2007. There are now 43 million rental households in the United States, or 35% of Americans are renters. As realtors it is our job to help people find adequate rental housing as well, but in this day and age it is becoming more and more difficult because of the rising prices that have almost become unaffordable.
Nowhere is this more evident than my hometown of Pembroke Pines, Florida. There are currently 252 properties on the market for rent, and that does not even include those not listed. The average asking price of those 252 is $1767. per month! But it gets better. Multiply that times three because that is what it take just to move in, $5,301. plus a credit report. Yes, you can probably buy a home with the same amount down. Here is a graph of percentage of growth in price in Pembroke Pines. You will notice a large decrease since June, but that is only because the rental market in the area at the time hit an intense growth spurt due to foreign influx of residents eager to get in before school started.
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