They are usually reserved for homebuyers, but bidding wars are becoming more common in the rental home market. Demand for apartment and single-family rentals is surging and outpacing supply.
As the economy improves, workers are moving out of shared living situations and looking for their own homes. In addition, the housing market is so expensive right now that many would-be buyers are being priced out. That has them looking for rentals.
Some landlords are seeing more than a dozen applications for good properties – and renters offering well above the asking rent.
“We’ve been leasing property for almost 20 years, and we haven’t seen an applicant pool this competitive since we’ve…