Feeling the pinch
With high demand for housing, tenants in Baltimore and beyond are faced with soaring rental costs — helping to drive inflation
Sallie Whitney had no plans to move from an apartment in a city neighborhood she loves for its walkability and access to transportation. But when it came time to renew the lease on her one-bedroom unit in Brewers Hill, she was shocked to see her rent jump 15%, by $300 a month. With more of her retirement income going toward rent, she’ll be forced to consider other options. So far, she has found limited choices.
“I know I can’t afford to stay, but where can I go?” said Whitney, who is retired on a government pension and works part-time. “My situation is not dire, but because it went from quite comfortable to precarious in the space of a year, I can’t help but wonder what is happening to everybody else in Baltimore faced with these increases.”
Rental costs are soaring nationwide, helping to drive the overall rate of inflation to 9.1% in June, the U.S. Department of Labor reported earlier this month. The increase in the Consumer Price Index represented the biggest year-over-year jump since the end of November 1981, the Bureau of Labor Statistics said.
The rent portion of the index rose 0.8 percent from May to June, the largest monthly increase since April 1986 and