Inflation Puts the Squeeze on US Renters

Things are hard for a lot of Americans in 2022.

For starters, many people are still reeling from all the adverse impacts of lockdowns, business closures, vaccine mandates, and various other ineffective edicts employed by the government in the name of stopping COVID.

Secondly, everything is becoming more unaffordable, thanks to all the left-wing spending bills from 2021 that triggered an inflation crisis.

As it turns out, the government can’t spend its way into economic prosperity. In fact, the economy tends to thrive when the government gets out of the way and allows the free market to work itself out.

Nevertheless, thanks to inflation, rent is getting much more expensive than everyday Americans can keep up with, as Breitbart News attests to.

What to Know About Renting in the United States

Over the past year, there has been a 20% surge in what folks are having to pay for rent in America’s largest 50 cities. In certain cities, rent rates have even soared by 25% and 27%.

With fewer rental vacancies than there have been in past years, landlords are in strong positions to raise their rates.

Likewise, many property owners may actually need the additional income, thanks to ongoing inflation and various eviction moratoriums that previously stopped landlords from collecting dues owed from their tenants.

Furthermore, if inflation continues to spike as it has been, renters across the nation should be prepared for their monthly dues to increase even more.

Similarities to the Housing Market

The increasingly volatile nature that renters are beginning to face mirrors the turn the US housing market took last year.

Back in 2021, reports quickly went viral of homes going for three and four times the original asking rates. Then, in certain parts of the country, even finding homes that are for sale, to begin with, has become more challenging.

At the rate inflation is going, the housing market doesn’t look like it’s going to ease down anytime soon. In fact, the current nature of the country’s housing market is so incendiary that people have taken to social media, expressing their wishes for the market to crash altogether.

With the costs of renting and homeownership getting more expensive, many Americans are going to have to start making some tough choices. Already, inflation has created a situation of people needing to make various lifestyle adjustments to stay afloat.

Meanwhile, all of this is happening under a Democrat president who made “build back better” his campaign slogan. Most Americans can agree there’s nothing “better” about inflation or the growing costs associated with renting and homeownership.

What do you make of the current state of affairs when it comes to the costs of renting in the United States? Let us know where your stand on this below in the comments area.