Renters are stressed and a new survey says 40 percent of renters report losing sleep while trying to find a new apartment or home to rent with many fretting about cost, communication and competition, according to a Zillow survey.
Another 77 percent of recent renters made compromises to afford their home amid record-high rents. The most common was settling for a place that didn’t have all of the features they wanted (i.e., new appliances, AC, balcony).
“Rising rents are only adding to the pressure renters feel during what is already an emotional and challenging process,” said Zillow home trends expert Amanda Pendleton in a release.
“Renters are often staring down a deadline to leave their current rental, and with competition so intense, they need to make decisions quickly. This survey shows even if renters are making compromises to land an apartment, many are still suffering emotional and physical strain.”
Not being able to find an affordable rental is the most common stressor, with 38 percent of renters noting it as one of the most stressful parts of their search, which coincides with rents jumping 24 percent in just the past two years. According to census data, the typical renter household brings in $3,800 each month, meaning they’d have to spend more than half (53 percent) of their income to rent the typical apartment or house.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.