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 Journalarticle 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 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, meet with a local real estate professional who can help determine if you are able to today!
Blog submitted by: Tina Young (Investor, Realtor) of The Real Estate MarketPlace – Servicing the Greater Fort Hood area which includes: Killeen, Harker Heights, Temple, Belton, Copperas Cove and Nolanville. Feel free to call Tina at (254) 338-0545 if you have any questions regarding Central Texas Real Estate.
For Real Estate Listings in Central Texas visit my website at: www.Tina.killeenlistings.com or if you’re on the go text 'Tina' to 254-227-5799
Author:Tina Young Phone: 254-338-0545 Dated: May 24th 2016 Views: 611 About Tina: ...
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"We had checked around with other companies before deciding to go with Real Estate Market Place, we didn’t get the same comfortable feeling with the others as we got with TREMP. They listened to our needs and their willingness to meet us promptly and treated us like serious buyers and not window shoppers. We always felt like we were number 1. Chip gave up some of his family time during the holidays to work with us and meant a lot; we were able to find a home quicker because of that. The whole purchase went smoothly which was very important to us as well. They were very patient and took time to answer all of our questions.
We love your company’s philosophy of having experts in each area of the process without feeling like we were being passed around or rushed by the hand off. We were most impressed by the ease of the entire process and exceed our expectations immensely. If the opportunity arises I would not hesitate to use TREMP again.