One thing home renters dread is their rent going up. Up is exactly the direction rents have been going in the U.S. as of recent.
Recently, Zillow released statistics on home rental prices in the U.S. for May of this year. According to the statistics, the nation saw a seasonally adjusted 4.3 percent increase in such prices this May as compared to the previous May.
Some parts of the country saw particularly big rises in rent prices in May. The city that Zillow found to have had the biggest such increase is here in Mississippi. The city in question is Jackson. Reportedly, home rental prices in the city rose 22.7 percent year-over-year this May. The average monthly home rent in Jackson this May was $1,169.
This is discouraging news for renters in the Jackson area. High rent prices can be tough on a person financially. They can reduce a person’s ability to save and lead to a person taking on more debt. They could also lead to a person having trouble making their debt payments or keeping up with their rent payments.
Why do you think Jackson has seen such a big rise in home rental prices? What impacts do you think the rise in rents will have on renters in the Jackson area?
Bankruptcy or other debt relief options may be able to help individuals who are experiencing debt troubles as a result of having high home rental costs. Renters who are struggling financially because of high rents should consider talking to a bankruptcy attorney about what debt relief options are available to them and how likely such options would be to be useful to them.
Source: gulflive.com, “Fastest rising rent in U.S. is in one Mississippi city,” June 23, 2015