People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.
TheCensus Bureaurecently released their first quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
A recentWall Street Journalarticlereports that rents rose "faster last year than at any time since 2007, a boon for landlords but one that has stoked concerns about housing affordability for renters."
The article also cited results from a recentReis Inc.report which revealed that average effective rents rose 4.6% in 2015, the biggest gain since before the recession. Over the past 15 years, rents have risen at a rate of 2.7% annually.
Where are rents headed?
Jonathan Smoke,Chief Economist atrealtor.comrecently warned that:
"Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they'll outpace home price appreciation in the year ahead."
NAR's Chief Economist, Lawrence Yun had this to say in the latestExisting Home Sales Report:
"With rents steadily rising and average fixed rates well below 4 percent, qualified first-time buyers should be more active participants than what they are right now."
One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let's meet up to determine if you are able to today!
Author:Heather F Davidson Phone: 609-209-7581 Dated: May 23rd 2016 Views: 275 About Heather: I'm an agent whose business is built on the promise of exceptional customer service. If you are sel...
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Specialties: Buyer's Agent, Listing Agent, Relocation, Short-Sale
I'm an agent whose business is built on the promise of exceptional customer service. If you are selling your home or searching for that special place to call your own, you deserve to work with someone you trust-someone who you know has your best interests in mind. Whatever your particular Real Estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results.
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