Housing shortages abound, and renters—just like home buyers—are feeling pressure. That was on display in a recent TikTok video that has been viewed more than 1.1 million times, showing renters swarming an open house for a new apartment in Brooklyn, N.Y., the New York Post reports.
The short clip shows an unidentified real estate professional trying to snap a selfie as crowds of applicants swarm an open house. The agent said that he had never seen this many people for an open house in his 17 years in the business. The New York Post estimated about 50 people gathered on the sidewalk outside of the building’s entrance.
Reports of renters entering into bidding wars on units are now increasing.
“Properties are definitely in short supply, and demand is high,” Bruce Ailion, CRS, CRB, a real estate professional and an attorney for Atlanta’s RE/MAX Town and Country, recently told realtor.com®. “For example, we had a property that had been renting for $1,260 a month. When the tenant left, we put the property on the market at $1,595 and had over 600 inquiries and close to 300 applications. That means we were underpriced for the current climate.”