The United States may be recovering from the pandemic, but it is still grappling with a housing crisis that continues to worsen. A staggering number of Americans are facing eviction from their homes, with landlords filing over 1 million eviction notices in the ten states monitored by Princeton University’s Eviction Lab. This represents a significant increase of nearly 80% in evictions between 2021 and 2022 in some cities.

Adding to the growing problem is the soaring cost of rent. Over the past five years, the average U.S. rent has seen an alarming 18% rise, creating a grim reality for the millions of Americans who were already worried about their ability to afford a home. Now, they are confronted with the harsh truth that renting may also be out of their reach. This dire situation has given rise to a new class of individuals known as the “rent-burdened.” As housing becomes increasingly unaffordable, more people, particularly middle-class individuals in their 30s and 40s, find themselves unable to purchase homes and are forced into renting.

In 2023, the rent-to-income ratio exceeded 30% for the first time in over two decades, according to Moody’s. This means that the typical American renter now spends more than 30% of their income on rent, further exacerbating the issue of rent burdens. The well-known phrase, “the rent is too damn high,” aptly describes the current situation, with a nationwide renters revolt gaining momentum.

To continue reading the rest of the article, please click on the source link below:

https://offplanpropertyexchange.com/news/as-renters-revolt-tenant-unions-are-on-the-rise/276415/