A person is not just imagining things, the cost of rent is on the rise. It seems that rent is very high these days. There are some reasons why the cost of renting is so high. The cost of rent is rising faster than wages. On average a person needs to make almost $23 an hour to afford a two-bedroom rental. Even people with the medium income struggle to afford their rent each month.
Great Recession Lead to Rental Market Trouble
When the recess began in 2007 the prices of houses feel. This caused chaos for both homeowners and renters. Foreclosure rates were high and many homeowners were turned into renters. Many millennials had to rent instead of purchasing their first home. New construction all but stopped. There was a demand for rental properties which lead to an increase in the price. Rental units are not being built as fast …