{"id":50637,"date":"2022-08-18T23:16:30","date_gmt":"2022-08-18T23:16:30","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/"},"modified":"2022-08-18T23:16:30","modified_gmt":"2022-08-18T23:16:30","slug":"bidding-wars-send-rent-prices-soaring-as-home-sales-decline","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/","title":{"rendered":"Bidding wars send rent prices soaring as home sales decline"},"content":{"rendered":"<section >\n<p>Looking for a new place to rent?  Good luck! <\/p>\n<p>Rentals throughout the country <span >they are shooting<\/span>.  According to Rent.com, they are up 86% since last year in Redmond, Wash., where the average monthly rent is now $4,222.  The median rent in Glendale, California is $4,472, up 36% from last year.  In Pflugerville, Texas, a town near Austin, rent prices are up 126% year-over-year to $2,769 a month.<\/p>\n<p>It&#8217;s leading to rent battles. <\/p>\n<p>Michael Citrin, a federal public defender, has been looking for a place to rent in Los Angeles. <\/p>\n<p>&#8220;I can&#8217;t even tell you how many places I&#8217;ve applied and been rejected from,&#8221; Citrin said.  &#8220;And I&#8217;m also looking with two other professionals.&#8221; <\/p>\n<p>They tried to rent a three-bedroom bungalow in South Los Angeles for $4,100 a month, but someone outbid them by 10%. <\/p>\n<p>\u201cI never would have expected there to be a bidding war for a 12-month lease,\u201d Citrin said.  &#8220;There&#8217;s a chance I won&#8217;t find anything in the next two weeks, and then I put my stuff in storage and stay on a friend&#8217;s couch.&#8221; <\/p>\n<p>Realtor Blake Stargel listed a three-bedroom in Los Angeles for $4,700 a month.  He said he received 50 inquiries in the first 24 hours. <\/p>\n<p>\u201cWe had offers as high as $5,500 on this property,\u201d he said. <\/p>\n<p>Stargel said people are bidding high on the asking price because of the competition. <\/p>\n<p>&#8220;Post-COVID, people who work remotely are now coming back,&#8221; he said. <\/p>\n<p><span >Rising mortgage rates are partly to blame<\/span>, blocking potential home buyers.  The average interest rate on a 30-year home mortgage is 5.6%, according to Bankrate. <\/p>\n<p>&#8220;All of these things will put upward pressure on rents,&#8221; said Jon Leckie, a data reporter at Rent.com. <\/p>\n<p>    <!-- data-recirc-source=\"\" --><\/p>\n<style type=\"text\/css\">\n<p>      .component--recirculation-type .item:nth-child(5) { display: none;  } #inline-recirc-item--id-d59b60bf-d8a2-4782-a267-0137dbe75e0e, #right-rail-recirc-item--id-d59b60bf-d8a2-4782-a267-0137dbe { 75 none;  } #inline-recirc-item--id-d59b60bf-d8a2-4782-a267-0137dbe75e0e ~ .item:nth-child (5) { display: block;  }\n    <\/style>\n<p><!-- tags --><\/p>\n<ul >In:<\/p>\n<li>the angels<\/li>\n<li>Mortgage rates<\/li>\n<li>rentals<\/li>\n<li>sale of homes<\/li>\n<\/ul>\n<div ><\/div>\n<\/section>\n<p><a href=\"https:\/\/www.cbsnews.com\/news\/rent-prices-los-angeles-home-sales\/\">Source <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looking for a new place to rent? Good luck! Rentals throughout the country they are shooting. According to Rent.com, they are up 86% since last year in Redmond, Wash., where the average monthly rent is now $4,222. The median rent in Glendale, California is $4,472, up 36% from last year. In Pflugerville, Texas, a town [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[53],"tags":[],"class_list":["post-50637","post","type-post","status-publish","format-standard","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bidding wars send rent prices soaring as home sales decline - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bidding wars send rent prices soaring as home sales decline\" \/>\n<meta property=\"og:description\" content=\"Looking for a new place to rent? Good luck! Rentals throughout the country they are shooting. According to Rent.com, they are up 86% since last year in Redmond, Wash., where the average monthly rent is now $4,222. The median rent in Glendale, California is $4,472, up 36% from last year. In Pflugerville, Texas, a town [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/\" \/>\n<meta property=\"og:site_name\" content=\"Tahrir News\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-18T23:16:30+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tahrir2day.com\/news\/#website\",\"url\":\"https:\/\/tahrir2day.com\/news\/\",\"name\":\"Tahrir News\",\"description\":\"News all over the world\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tahrir2day.com\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/#webpage\",\"url\":\"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/\",\"name\":\"Bidding wars send rent prices soaring as home sales decline - Tahrir News\",\"isPartOf\":{\"@id\":\"https:\/\/tahrir2day.com\/news\/#website\"},\"datePublished\":\"2022-08-18T23:16:30+00:00\",\"dateModified\":\"2022-08-18T23:16:30+00:00\",\"author\":{\"@id\":\"https:\/\/tahrir2day.com\/news\/#\/schema\/person\/5eb9492fbc67154812b39589e826b6e4\"},\"breadcrumb\":{\"@id\":\"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tahrir2day.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/tahrir2day.com\/news\/category\/economy\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Bidding wars send rent prices soaring as home sales decline\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/tahrir2day.com\/news\/#\/schema\/person\/5eb9492fbc67154812b39589e826b6e4\",\"name\":\"megahed\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/tahrir2day.com\/news\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0ee3294b28670178246ce92a6679bf959bc435d2fcd9cb9ab078702487c106df?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0ee3294b28670178246ce92a6679bf959bc435d2fcd9cb9ab078702487c106df?s=96&d=mm&r=g\",\"caption\":\"megahed\"},\"sameAs\":[\"https:\/\/tahrir2day.com\/news\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bidding wars send rent prices soaring as home sales decline - Tahrir News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/tahrir2day.com\/news\/2022\/08\/18\/bidding-wars-send-rent-prices-soaring-as-home-sales-decline\/","og_locale":"en_US","og_type":"article","og_title":"Bidding wars send rent prices soaring as home sales decline","og_description":"Looking for a new place to rent? 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