According to the Grand Island Independent, “ Since the start of the 21st century, the cost of rent skyrocketed across America. Every state in the nation has seen a spike in the cost of apartments and other residential rentals.”
While the reasons for rent hikes may vary by locality, one of the significant factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. The decline has led to more Americans increasing their demand for rentals. The limited supply pushes up the cost of rent. A shortage of construction workers exacerbates the problem making it difficult for developers to increase the supply of available housing.
The Cost of Rent Skyrocketed
The pandemic is throwing the rental market for a loop, though. For many people, making rent has only gotten more challenging in 2020. At least 22 million people have lost their jobs during the coronavirus public health crisis, leaving many scrambling to pay their bills. While the Centers for Disease Control and Prevention (CDC) and many states have implemented moratoriums on evicting tenants from their apartments through the end of the year, experts warn that an eviction crisis is on the horizon for around 40 million people.
The Grand Island Independent wrote, “To understand how the rental housing market has gotten to this point, Stacker compiled a list of states with the fastest-growing rent using 2000 and 2019 data from the U.S. Census Bureau. The 50 states and Washington D.C. are ranked by the percentage increase of their median rental prices from 2000 to 2019. The list also includes the percentage increase of the median household income in the same time frame.”
Feel good, Delaware! We are in the lower third of the list.
– 2000-2019 median rent growth: 74.6%
— Median rent: $639 in 2000; $1,116 in 2019
– 2000-2019 median household income growth: 39.3%
— Median household income: $50,365 in 2000; $70,176 in 2019
Delaware’s stagnant wage growth has not kept up with the rising costs of rent. According to Money, the state has allowed eviction filings to continue during the pandemic, with the requirement that landlords prove that removing the tenant is in the interest of justice. Delaware offers housing assistance to eligible renters.
Compared to #1 Washington D.C
Compared to #1 Washington D.C., we are a desirable place to live:
– 2000-2019 median rent growth: 159.4%
— Median rent: $618 in 2000; $1,603 in 2019
– 2000-2019 median household income growth: 123.8%
— Median household income: $41,222 in 2000; $92,266 in 2019
Looking for a Rental?
If you are looking for a Delaware rental, we know how stressful finding the right rental home can be. The fees, paperwork, and hits on your credit score can stack up, especially if you’re shopping around at multiple rentals.
Let Worry Free Tenant (WFT) Ease Your Struggles.
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