USA Today reported the rental market has been hurting low-income earning people of color since the pandemic. As the demand for housing skyrocketed, so did the price of rental units, according to a Harvard Joint Center for Housing Studies. Higher quality buildings saw a 14 percent increase in rent.
USA Today reported the price of properties spiked by 17 percent last October, hurting low-income earning people of color the most. Lead author of the report Whitney Airgood-Obrycki said even though tenants were aided by federal citizens, the job losses caused by the pandemic resulted in their struggle to pay rent.
“After a bit of a dip in the first year in the pandemic, things just really came roaring back in 2021,” says Whitney Airgood-Obrycki, the lead author of the new report. “Households are being shut out of home ownership and there’s also the pent up demand from the first year of the pandemic when people were kind of staying home and not forming new households.” However, these wealthy renters often caused the price of rent to increase, directly effecting households of lower income.
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SOURCE: The Root, Kalyn Womack