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WEKU
WEKU
Jennifer Ludden

The housing market squeeze pushes renters into bidding wars

Brandon Schwedes of Port Orange, Fla., with his 11-year-old daughter and 8-year-old son. Schwedes had to move this year when the landlord dramatically raised the rent, then was outbid before finding another place he could afford. (Brandon Schwedes)

When Sarah Da Costa had to find a new apartment in Chicago this year — with her husband, baby and dog — the whole process seemed weird. First, there were open houses, something she thought was just for buying homes. At one of them, "literally, people couldn't even fit in the house, and we got there right when it started."

Then, she says, the listing agent told her to "submit your best and final!" Her real estate agent said yes, that meant above the asking rent. Da Costa had already lost out once, so they agreed to offer more.

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