The actual reason rents are rising so fast is a simple one: people are competing for housing during a chronic shortage. The national rental vacancy rate fell to 5.8%—the lowest it’s been since the mid-1980s, according to a recent report from the Joint Center for Housing Studies of Harvard University. And rents spiked in response, rising nearly 20% annually in November in the 50 largest housing markets, according to the most recent Realtor.com® data.
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