According to the U.S. Census Bureau, renters occupy 30% of all housing in the United States. With pandemic restrictions loosening and more people vaccinated against COVID-19, pent-up demand from renters who wanted to avoid cities during the lockdown is causing a surge in rental housing demand throughout much of the nation. In addition to the influx of Millennials and Gen Z renters returning after staying with family or friends, people who can work from anywhere are still relocating to lower-cost cities; and the hot home sale market has caused some baby boomers to sell their family homes and rent again now that their children are grown.
With demand pushing rental prices higher and bidding wars on the rise, particularly for single-family homes and apartments in smaller cities with less inventory, competition for a rental property can be fierce, and renters are feeling the pressure. For those who have succeeded in signing a lease amid this rent frenzy, among their next important considerations is protecting their personal belongings - an added source of stress. The Insurance Information Institute's Mike Barry and USAA's Vicki Lambert discuss why renters' insurance is essential for protecting one's personal property.
