- Posted April 23, 2014 by
Affordable rent becomes more difficult to find
The New York Times recently highlighted a disturbing trend that shows affordable rent is becoming more difficult to find in some parts of the world. New York City is notorious for the difficulties renters face in finding apartments within their budgets, but it is not the only place that has become more expensive over the years. Nevertheless, renters can still find bargains if they are willing to relocate, search and compromise.
Housing issues have led to an increase in the number of people who are searching for apartments, and the difficulties in obtaining a mortgage mean that this is unlikely to change for a while. The Oregonian notes that a study of 90 cities found that renters were struggling, and it is the middle class that is being added to the group. Experts suggest that more apartments would decrease the cost of rent while providing more options, but the building industry is slow to respond.
The United States is not the only part of the world that has renters criticizing the lack of affordable options. Business Insider Australia reveals that rental costs are continuing to climb in this country, but there is hope for people searching for better places to live. Experts recommend that renters look at multiple areas to compare costs while not limiting their choices to a particular type of apartment. It is important to keep an open mind and consider relocation because affordable apartments still exist around the world.
The housing market is known for being unstable, so the high rent prices seen today can change in an instant. The Wall Street Journal has already noted that some increases seem to be tapering off as demand slows down. This is a positive sign for renters who have been waiting for the market to adjust and hoping to see more affordable prices.