Rising mortgage rates are partly to blame, locking out would-be homebuyers.
. According to Rent.com, they are up 86% since last year in Redmond, Washington, where the average monthly rent is now $4,222. The average rent in Glendale, California, is $4,472, up 36% from last year. In Pflugerville, Texas, a city near Austin, rent prices are up 126% year over year to $2,769 per month.Michael Citrin, a federal public defender, has been on the hunt for a place to rent in Los Angeles.
They tried to rent a three-bedroom bungalow in South Los Angeles for $4,100 per month, but someone outbid them by 10%. Realtor Blake Stargel listed a three-bedroom in Los Angeles for $4,700 per month. He said he got 50 inquiries in the first 24 hours. Stargel said people are bidding so much over the asking price because of competition. Rising mortgage rates are partly to blame
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