Lawmakers Panic Trying To Help Those Who Can’t Live Due To Inflation

(DailyDig.com) – As a result of years of steadily increasing rents, half of American renters currently pay over what they’re able to afford. However, the supply of rentals is starting to reel in at increasing rates due to the increased building of multi-unit complexes.

Millions of US citizens face the difficult choice between paying rent and purchasing food, clothing, and children’s school supplies. As a result of inflation-driven prices, the end of epidemic assistance, and record-high rents, an unprecedented number of people are struggling to make ends meet.

According to the monthly data from Realtor.com, rentals nationwide fell for the eighth consecutive month in December. Despite this, the typical rent is $309 more than it was in 2019. That’s an increase of 22 percent.

Rents have not decreased in all areas. Even if rents aren’t falling, they also won’t be going up by the same amount this year.

The 22.4 million families, who, according to research by Harvard University, spend almost 30 percent of their salary on rent, may breathe a sigh of relief at this news. When costs exceed the normal 30 percent level, they are often seen as a burden. And 12 million renters are paying out over 50 percent of their salary just for housing.

Decades have passed since the construction of multi-unit dwellings experienced such rapid growth. The third quarter of last year saw the completion of about 436,000 multi-unit dwellings, according to the Harvard analysis. This level of completion is the greatest since 1988 and is up around one-third from the levels seen before the epidemic.

The US Census Bureau reports that the greatest level ever recorded occurred in July, with more than 1 million multifamily dwellings under construction. In the time after, the figure remained at an all-time high, but when adjusted for seasonal construction, it has been gradually declining.

Many renters will continue to worry about affordability, according to the Harvard analysis, unless there is an increase in rental assistance and new production.