Rent hikes have sparked bidding wars and sent tenants scrambling

Source: OC Register

 

Bidding wars have become more frequent in hot housing markets like Orange County, particularly for rentals amid short supply. Desperate applicants have had to resort to offering to pay a year’s rent in advance; several others have offered to pay at least $50 a month over the landlord’s asking rent. Jane Lewis, property management director for Seven Gables Real Estate, commented, “The rental market is so crazy now, it’s almost like you’re buying a place.” Tenants complain the search process has grown longer and increasingly frustrating, if not financially painful.
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