Rents are going through the roof across much of the U.S.
CBSN
Ryan David didn't expect the modest one-bedroom apartment he owned in Dupont, Pennsylvania, to set off a bidding war. But when David listed the second-floor unit for rent in February, he got 160 applications in only a few days — about five times what he'd normally expect. One would-be tenant offered to pay an entire year's rent upfront. Another who had recently moved to the area, offered to pay $650 a month — $50 more than David was asking.
"That really opened my eyes," David said. "Two years ago people might not have wanted it, but now it was a feeding frenzy." Since last summer, David has watched the rent on apartment listings in northeast Pennsylvania surge to $700 or $800 a month for a one-bedroom — several hundred dollars higher than is typical in this working-class enclave, where the biggest city is formerly industrial Scranton. At the same time, he's observed a growing number of New York license plates in the local streets.
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