In the battle of the nation’s most cutthroat rental housing markets, it’s not just the usual suspects like New York City and San Francisco that are feeling the squeeze.
According to a scathing, and not to mention surprising, report by Apartment Advisor, upstate New York’s once-affordable Syracuse has become ground zero for the worst housing competition for those looking to a rent a place to live.
Believe it: Surpassing even the lofty levels of Manhattan madness, Syracuse took the crown as the most cutthroat rental market in the entire country. The report surveyed 75 of the nation’s largest metro areas.
In Syracuse, for instance, more than half of renters are shelling out a whopping 30% or more of their income just to keep a roof over their heads. That alone means that city residents are rent-burdened.
And with the median rent for a two-bedroom apartment soaring by nearly 16% in just one year, tenants are feeling the pinch.
The stress is coupled with the fact that the Syracuse metro area — itself home to a large national university and a long-respected healthcare network, along with a market where most homes are commonly owned — still doesn’t have enough places for people to rent, which locks existing tenants into their leases.
But the madness doesn’t stop there.
It’s Ohio that’s also giving New York City a run for its money. Both Toledo and Dayton have clawed their way into the top 10 of America’s most competitive housing markets for rentals.
Meanwhile, on the sun-kissed shores of California, it’s not just San Francisco that’s causing headaches.
San Jose and its neighboring towns are making life difficult for renters, as well — ranking sixth in the nation for housing competition. Even the Golden Gate City itself, while not in the top spot, is still a force to be reckoned with, coming in at 22nd on the list.
So, what’s driving this housing hysteria?
What applies in Syracuse is also a common pain across the US. According to the report, it’s a lethal cocktail of low inventory, skyrocketing rents and a wave of lease renewals that’s keeping renters trapped in a vicious cycle of unaffordability.
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