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 Bureaujustreleasedtheir second quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
“The national apartment market’s annual effective rent growth rate of 5.1% in June 2015 represented a 47-month high, and continued a streak of 5.0%-plus rent growth that is now the longest in at least six years, according to apartment market research.The effective rent growth in June 2014 was 3.7%, putting June 2015’s exceptional performance into perspective.
This is the highest rate since the 5.3% of July 2011. The metric has reached at least 5.0% for five straight months, the longest such streak since Axiometrics started monthly reporting of annual apartment data in April 2009.”
Where will rents be headed in the future?
Stephanie McCleskey,Axiometricsvice president of research, commented on the above report in anarticlebyReal Estate Economy Watch:
“Rent growth is just shy of the post-recession peak, and the June metrics reflect the continued strength of the apartment market. The demand for apartments is still strong, despite the record number of new units being delivered this year.Tight occupancy is why landlords can push rents higher.”
If you are ready, willing and of course able to buy, now may make sense.
Author:Ryan McLemore Phone: 972-804-3474 Dated: August 14th 2015 Views: 211 About Ryan: Ryan's career started in 2002 with Citigroup’s marketing division where he offered full service fi...
Pinnacle Realty Advisors is a real estate brokerage firm specializing in residential real estate sales with additional services to support our clients’ needs and agents’ businesses. Our Mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry. Our pledge to you is to use all our resources, professionalism, and ethics to obtain the highest price for your property in the least amount of time.
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"Ryan went above and beyond what any other realtor would have done to find us our perfect home. I had so much on my plate with my wedding and needing to move, and Ryan did an amazing job lifting a huge weight off of my shoulders. He listened to what our wants and needs were and spent many late nights to make us happy. I will be recommending Ryan to any and everyone."