Renters are finding themselves caught in the middle as the housing market continues to boom and apartments slowly become unaffordable.
A couple living in East Greenwich, Rhode Island recently opted to purchase a home after deciding to get married.
“Our mindset last spring was, ‘We’re getting married, we need to buy a house’ and for a while we were going to open houses every weekend, but the market was just getting crazier and crazier,” Rebecca DiLorenzo said.
They were outbid on four houses by up to $50,000 and knew if they stayed where they rented, the rent would go up and be more than the price of a mortgage.
The couple ended up staying with family.
Initially as the market started to change there was nothing to buy and now there’s nothing to rent.
The moratorium has left apartments at a standstill, with fewer freeing up and rent sky rocketing.
The climate is changing so much that apartments are increasing rent price everyday.
One woman had filled out the paperwork and accepted an offer to pay rent on an apartment in New York City, but was startled when the landlord came back saying that she had had higher offers.
She ultimately ended up paying $1,200 more per month for the apartment than she originally agreed.
Senior citizens are seeing the same issue.
Seniors are living longer and in need of affordable housing, but waiting lists for apartments can be years long.
“It is heartbreaking when you hear them say what am I going to do? I won’t be alive anymore by then. Or I am running out of money or I’m homeless. You know, I live in my car,” Lidija Dekanic, manager ofMarywood Apartments, a subsidized senior housing community in Henrico, Va.
President Joe Biden has set the goal of investing in affordable senior housing.
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