According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.
When Is It A Good Time To Rent Definitely NOT NOW
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.
The Census Bureau recently released their first quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
A recent Wall Street Journal article reports 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 recent Reis 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 at realtor.com recently 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 latest Existing 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!
Betty is a motivated realtor specializing with investors, new home buyers, and move up buyers located in the following areas;Anna Maria Bradenton Bradenton Beach Cortez Ellenton Englewood Holmes Beach Lakewood Ranch Lakewood Rch Longboat Key Myakka City Nokomis North Port North VeniceOsprey Palmetto Parrish Sarasota Siesta Key Terra Ceia University Park Venice and surrounding areas. If your a buyer check out ourBuyers Advantage Program designed to protect the interest of our buyers at all cost. Bill Burg uses advanced internet marketing to insure your property gets maximum exposure and holds a high value of ethics in his work to ensure the ideal scenario for everyone! I am so confident in our ability to sell your home "I GUARANTEE it". Find out about Seller Guarantee. For help with buying or selling a property call 941-444-0018!
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