As reported by pewtrusts.org, 17 percent of renter households, are severely rent burdened; which is so defined as “…spending 50 percent or more of monthly income on rent.” In an era, in which home prices have increased substantially in recent years, and of which there is a general shortage of rental units to begin with, this so indicates that those landlords that rent out properties are able to do so, at rental price targets that are rising much higher than the general increase of most people’s income. So too, the more money so devoted by households to the paying of rent, means less money so remaining to be utilized for other bills, as well as vital items such as food, clothing, insurance, and the like.
The thing about a residence is that living in a home or an apartment is pretty much a requirement in order to have some semblance of a normal life. Those without the funds to purchase their own home, are left with having to pay the piper; of which, because of the lack of cheap and affordable housing, good and practical choices are few and far between. When securing a place to rent, this only serves to solve the problem of actually having a place to stay; for it must be kept in mind that when the monetary budget for that rental has been exceeded, and possibly exceeded by a significant amount, then the renter is placed in the unenviable position of being vulnerable to all sorts of troubles that could realistically occur, if unexpected expenses come up, or employment is lost or employment hours reduced, or if one’s physical health goes south.
In all truth, rent control is probably not going to be the catch-all solution for those that are rent burdened, for a lot of reasons, including the fact that the home rental business, is very fragmented, and further to the point, that one size does not fit all. This signifies that in absence of better income distribution so being purposefully redirected to those of the lower and middle class, that government agencies need to step in, so as to provide material assistance for those so trying to maintain a reasonable status in society with governmental direct or indirect renter aid. After all, those that are gainfully employed, or have worked for a significant number of years and are now in retirement, should be accorded some consideration from this government, of, for, and by the people.
Those that believe that those that are rent burdened, are somehow going to be able to realistically get themselves out from under, are incorrect, for without the necessary income or wealth, it is not mathematically or reasonably possible. Further to the point, unfortunate and unexpected events happen at some degree of regularity to people; so, all those that are in precarious situations are not safe, and will not ever become safe, until their income or their expenses change in a favorable direction; or they are provided with a helping hand so that they can have a fair chance to live a decent life in this the richest nation that the world has ever known.