By Jasmine Browley ·Updated October 25, 2023
Year-over-year rental US rates have increased by nearly 6% since 2017. This the largest increase from 2021 to 2022 at over 14% and its affecting millions.
Fortunately, organizations like the National Foundation for Credit Counseling (NFCC) are working to help equip people with the resources needed to keep up with the hike.
“Post COVID-19 rent moratoriums have uncovered a pressing need to assist individuals and families facing housing instability,” said Barry Coleman, Vice President Program Management and Education, NFCC. “With our partners at the Wells Fargo Foundation, the NFCC launched a summer campaign to educate the public about the instabilities renters face and drive awareness of the resources available to them through the NFCC.”
The program, “Make it R.E.A.L,” was launched to raise awareness about housing instability through financial education and debt management counseling from authorized NFCC advisors.
“We want to make sure people know there are options out there that will help them take ownership of their finances, and stay in their homes—it’s affecting so many of us,” Coleman tells ESSENCE.
According to a recent NFCC survey of more than 2000 U.S. renters 50% of renters have some kind of personal experience with eviction. For Black Americans, that number increases to 57%. Only 36% of people feel they fully understand their “rights and opportunities” when it comes to eviction.
“I think one of the biggest problem is that people aren’t aware of the resources out there to support them,” Coleman tells ESSENCE. “At NFCC, we help them take a look at their financial behaviors and create a plan together.”
He says excessive spending and lack of budgeting can sometimes impede a person’s ability to stay on track with bills like rising rent.
“Unfortunately, we can’t do much about the rising rent in the recession,” he says. “But the things we can control is how we look at our finances.”
More information about the NFCC can be found at www.nfcc.org.
The post This Expert Shares How We Can Navigate The Rent Hike Crisis appeared first on Essence.
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