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The Rise of Bidding Wars in Today’s Real Estate Market
As demand for apartments and single-family residences skyrocket, bidding wars are more frequent than ever. Competition in the applicant pool is fierce. Contrary to the past, applicants nowadays have more funds and better credit records, which allows them more leeway and opportunity to pounce on the housing market The latest tenants also seem to be willing to pay high-security deposits.
Thus, the previously steady market has recently transformed into a swirl of bidding wars.
Many renters who utilized shared households during the beginning of the pandemic are leaving due to economic improvement. This, along with rapidly rising housing prices, has prompted many homebuyers to consider renting instead.
According to Zumper, a national rental listing tool, rental prices increased 7% annually for single-bedroom apartments and 8.7% for two-bedroom apartments. New York City has seen a doubling in rent applications in the last year, San Francisco has seen a 79% increase, and Seattle has seen a 55% increase.
Demand for single-family rentals is fueled by income rises, job growth, and the public’s desire for change. Experts predict that demand for single-family rentals will remain competitive for the rest of the year.
To read more about the rise in bidding wars, check out the article below!