In the wake of government stimulus programs and pandemic-induced eviction freezes, tenants are now grappling with the daunting task of sustaining their residences.
At the same time, rental costs continue to surge alarmingly. Despite a decrease in inflation, the red-hot housing market continues to drive residential rental rates to unprecedented levels, exacerbating what can only be described as a rent crisis. This dire situation instills fear and uncertainty, particularly among vulnerable groups such as working single mothers, retirees, and individuals relying on disability payments from the government.
According to Robert Desir, a New York Legal Aid Society staff attorney, these exorbitant rent hikes impose an additional burden on people, causing severe financial strain. “Many individuals will find it incredibly challenging to meet these rising costs, potentially forcing them to sacrifice other essentials just to keep a roof over their heads,” Desir stated. “Unfortunately, failing to make ends meet in rent will leave them vulnerable to eviction.”
For countless Americans, a rent increase is a kin to receiving an eviction notice, as landlords exploit this opportunity to replace tenants with those who can afford the escalated prices. As Desir explains, landlords can issue notifications stipulating rent hikes of 25, 50, 75, or even 100%, exploiting the maximum amount that the market can bear.
Disturbingly, data from Eviction Lab, a Princeton University initiative specializing in eviction research and analysis, reveals that in 2018 alone, landlords filed 3.6 million eviction cases, affecting nearly 6 out of 100 renting households. Analyzing real-time data from the Eviction Lab’s eviction and displacement tracker, covering ten states and 34 cities, over 2.3 million evictions have occurred since mid-March 2020, including a staggering 12,273 cases reported in the week ending June 3, 2023.
The rent crisis looms large, leaving nationwide tenants vulnerable and uncertain about their future. As rental rates skyrocket and eviction threats intensify, urgent action and support are needed to address this pressing issue and safeguard the well-being of individuals and families affected by the crisis. For more information, visit Yahoo Finance.