WASHINGTON (UrduPoint News / Sputnik – 09th September, 2022) Rent and evictions will continue to soar across the United States unless local and state governments overhaul regulations that were designed to serve the interests of landlords and corporations, experts told Sputnik.
More than four million American adults face likely evictions within the next two months, according to US Census Bureau data, just as rent is skyrocketing and moratoria on evictions imposed during the pandemic expire.
A recent US House panel report said “corporate landlords” evicted tens of thousands of residents last year – even while these protections were in place. Meanwhile, private equity firms and corporations are buying single-family homes at a record pace, a Redfin analysis of county records revealed.
The median rent of a two-bedroom apartment increased nearly 18 percent nationwide in the first quarter of 2022, according to the National Low Income Housing Coalition (NLIHC). And as noted by Redfin’s Rental Market Tracker, the median monthly asking rent in the US passed $2,000 for the first time in May, with rent surging 48 percent in Austin, Texas and more than 30% in Cincinnati, Seattle, and Nashville.
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