Rent Has Gone Up Up & Away

By Mon Sherie, Contributor

If you have had the opportunity of finding a place to rent in today’s market then you are well aware of how crazy and expensive the rental market has become. Rental prices are high due to homeownership dwindling and that wonderful effect of supply and demand. Not only is the rent peculiarly high so are some of the requirements to get into rentals. Some landlords are not only asking for 1st and last months rent but also 1 and 2 months of security deposits as well! This can lead to many renters having to shell out thousand of dollars (in some cases almost the equivalent of a down payment for a home) just to RENT!!

There seems to be no end at sight for the moment as investors scoop up distressed properties and other rental properties and then lease them out at higher rents. Also with the possibility of the new 20% Down Payment Mortgage law looming over the horizons could mean that rentals will continue to stay high as more and more people find themselves unable to buy a home.

Well what does that mean for renters looking for a place to call home??? Using some creativity, patience and a prayer …oh and let’s not forget MONEY!!


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