2020 and 2021 put significant stress on the renting population. Unfortunately, it seems that 2022 will be no kinder. Rent all across the nation, but particularly in urban areas, is skyrocketing. The sharp uptick in prices has left many renters wondering about the benefits of homeownership and whether or not their rights have suffered under landlords' pandemic panic.
Owning a home isn't a perfect solution, though. For those renters who don't have the means to contend with today's brutal housing market, tenants' rights are the only things standing between them and untenable living situations.
Renting Versus Buying: A Transforming Real Estate Market
The cost of housing has shown signs of near-constant increase over the past several years. A controversy earlier this year implied that digital platforms like Zillow were contributing to the exponential growth of the market. However, the cost of housing has trickled upward despite the platform's influence, driving even long-time owners to turn back to renting.
Real estate agents have commented on their frustrations with the housing market. Kaley Tuning of Native Realty notes that her clients have placed bids $40,000 over a home's listed cost and still lost out on the property of their dreams.
Does this mean renting is more tenable? Not particularly. Today's renters express consistent frustration at both sharp rent increases and the insubstantiality of that expense. Many renters are unhappy to know that they're paying for someone else's mortgage when, under other circumstances, they could be paying for their own.
Eviction Bans and Today's Rent Prices
Conversations about the eviction bans throughout 2020 and 2021 have led many renters to believe that said limitations increased their rents. These claims have been unsubstantiated, especially as the CDC's rent moratorium expired. In fact, cities like Seattle and New York even passed new tenant laws designed to freeze or limit rent increases in light of the COVID-19 pandemic.
To Rent or To Buy: What to Expect in 2022
The options for today's would-be homeowners seem increasingly limited, given the steady increase of rent all across the nation. However, some solutions are making their way out of the woodwork. It's been recommended that renters pursue month-to-month leases while looking for more permanent housing alternatives.
The slow lack of housing sales is expected to drive some properties' prices down in 2022. While the market may not permanently cool, there's a chance that young families looking for starter homes may finally be able to move into long-term, non-rental lodging.
Talk to an Attorney with Monachan Law
If you've struggled to manage your rent, or if you've had to contend with an unexpected closure, call on the team with Monachan Law. An attorney can walk you through your rights as a renter. During an initial consultation, you can discuss any violations you may have endured and what your legal options for compensation might look like.
To set up your free case consultation, call (347) 389-1682 or use our online form to contact a firm representative.