Baller Alert Its A Lifestyle
A new report from Zillow has confirmed that Black people are the most affected by the increased costs in the rental market.
The real-estate marketplace company’s “Consumer Housing Trends Report” shows that black renters typically submit more applications for housing and pay more in application fees before they secure a place to live than white renters do. This group also pays higher security deposits than their white counterparts.
The report revealed that Black and Brown people are more likely to rent, and they are paying a higher median application fee, on top of usually needing to apply more often. The data also highlighted that the typical white renter said they paid $50, while a Black renter paid $65, and a Latinx renter paid $80, and a typical Asian American and Pacific Islander renter paid $100.
The report also states that those additional upfront costs can be a financial burden for renters, significantly as rent prices have increased by a record amount over the past year.
“Rents grew more last year than any year on record, forcing many renters to look for a more affordable option. About 2 in 5 renters who moved in the past year said a rent hike influenced their decision to move,” said Manny Garcia, population scientist at Zillow. “Renters typically do not have much of a financial cushion, and the cost of finding a new place to live can be an expensive burden. Regrettably, renters of color are especially likely to experience rising rents, and when they shop for a new rental, generally report higher upfront costs, restricting the mobility that is often held up as a benefit of renting.”
