News

Is Rent Out of Reach?

Written by The Associated Press | May 28, 2015 4:05 PM
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(New York) -- A new study finds renters are on the rise in America's biggest cities, but many tenants are scrambling to keep up with growing rent bills and shrinking vacancies.

New York University's Furman Center and Capital One bank are releasing the report Thursday.

The report finds more than half of tenants pay what experts consider unaffordable rents. Various housing experts have noted such trends. But the study zooms in on the city of Philadelphia and 10 other of the nations most populous  metropolitan areas: Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, San Francisco and Washington.

Most residents were renters in nine of the 11 cities in 2013, compared with five in 2006. The report portrays increasing competition and often slipping affordability. But the picture isn't universally bleak and differs from city to city.

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