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Businessweek
Economics

Housing Hunt Turns to Desperation With Record Rise in U.S. Rents

  • Heated for-sale market, pandemic send rental demand soaring
  • Sun Belt areas see most pronounced gains, with supply short
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How Delta Variant Affects Real Estate

Soaring prices. Competition. Desperation. The dramatic conditions for U.S. homebuyers during the past year are now spilling into the market for rentals.

Landlords from Tampa, Florida, to Memphis, Tennessee, and Riverside, California, are jacking up rents at record speeds. For each listing, multiple people apply. Some renters are forced to check into hotels while they hunt after losing out too many times.