As the economic recessions due to unprecedented pandemics have swept across the US, tenants have found themselves out of luck in the rental market. Many have had to bear the burden of no reprieve from rental prices that have skyrocketed and no help from the landlords.
Fortunately, it seems that rental prices may be finally easing up in some areas. According to a recent study by the National Association of Realtors (NAR), rental prices across the US have started to decline in May 2020 and continued to do so until mid-September.
The decline in rental prices may be due to the increase in the supply of rental units, which has become more prevalent in the market. To keep up with the sharpened demand, more property owners have decided to rent out their homes in order to cover the costs of owning it.
At the same time, rental demand has been dampened by a number of factors. The government’s pause in evictions has resulted in less occupants moving around which is one of the reasons causing the rental market to drop in demand. In addition, renters are also more cautious with their financial decisions due to the job security concerns in the light of Covid-19.
The end result is that some tenants are able to benefit from rent relief made available either through the state or voluntary measures offered by their landlords. This has been especially beneficial during a time when job losses have been rampant and financial burden on households has been unprecedented.
Rentals across the US may still be a cause for concern, but it can’t be denied that some balance is being restored. A landlord-tenant relationship that is based on better communication and more flexibility may result in mutual understanding and ultimately provide more security to tenants. A little bit of help may just go a long way.
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