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Housing

What’s Driving the Huge U.S. Rent Spike?

Rent increases of 20% or more are making life difficult for low-income tenants in many cities, just as eviction bans and unemployment relief are running out. 

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Housing Dreams Dashed by a Broken Global Market
Patrick Sisson

Valley King Properties, a Phoenix-area apartment rental brokerage, proudly proclaims on its website that it can help anybody find an apartment, “no matter what your situation is.” But that promise is proving hard to live up to these days, says Eric Atencio, Valley King’s regional manager. The red-hot rental market has made it impossible to place many would-be tenants with units moving off the shelf at record pace. 

“Our company is busier than it’s ever been, and we’re seeing more qualified people than we ever have struggling to find where the availability is at,” said Atencio. He advises tenants to be ready to act; these days, shoppers who look around for the perfect place often lose out.