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Key Points:

  • They are usually reserved for homebuyers, but bidding wars are becoming more common in the rental home market.
  • In July, rents nationally rose 7% year over year for one-bedroom apartments and 8.7% for two-bedroom apartments. Single-family rentals are also experiencing a surge in demand.
  • To offset losses from the Covid eviction moratorium, some landlords are raising rents on the properties they can, knowing that demand in the market will support the increases.

They are usually reserved for homebuyers, but bidding wars are becoming more common in the rental home market. Demand for apartment and single-family rentals is surging and outpacing supply.

As the economy improves, workers are moving out of shared living situations and looking for their own homes. In addition, the housing market is so expensive right now that many would-be buyers are being priced out. That has them lo