Renters are dealing with a market squeeze due to increased demand for units and higher rents, according to USA Today.
Recently released Census data shows that 20 million renters were deemed "burdened" in 2011 – in other words, they were spending more than 30 percent of their income on rent. More than 10 million of those renters were "severely burdened," or putting at least half of their income towards rental payments.
Median rents for the country have increased by 19.6 percent over the last seven years, from $728 to $871. Many of the major cities have average rents of at least $300 more. With the housing crash, the number of renters grew across the country, which increased the demand for rental units and drove up the prices for units.
The Census Bureau released a report earlier this year noting that national vacancy rates had reached 8.6 percent, the lowest point seen in a decade during the second quarter of 2012, leading landlords and rental property managers to receive an influx of rental applications.