CLEVELAND — The housing market remains in high demand and it's forcing the cost of rent to keep going up.
Yet, the report notes multi-family home properties will continue to grow this year up to $500 billion while the rent to live in one is expected to increase by about 4%. The thing is about half of all renters spend at least 30 percent of their paychecks towards rent, according to a RealPage study. Though the study notes incomes are increasing, the challenge remains for many Clevelanders.
Under the Right to Counsel, Bhat represents those struggling legally with eviction cases, which majority of them tend to focus on affordable housing, despite taking on clients of all economic backgrounds as a result of the pandemic and other factors.Bhat says many clients are left to choose between rent or food and maybe even a car note or their kid's daycare. Nonetheless, they're often threatened with eviction because of a non-payment.
So renter income dropped because the higher earning renters bought homes…. And this is supposed to be considered a bad thing.
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