If you need assistance, please call 513-368-3751

Why Now Is Not A Good Time To Rent

Wednesday, January 27, 2016   /   by Eric Lowry

Why Now Is Not A Good Time To Rent

When Is It A Good Time To Rent? NOT Now! | Keeping Current Matters

Many people continue to rent because they don't believe they are able to buy a home, and they don't realize how high rents really are. So you may be wondering if you should continue to rent in 2016. However, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Median Asking Rents | Keeping Current Matters

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.” 

Bottom Line

According to the WSJ article:

“In general, the higher rents go, the more difficult it will be for young people to save for down payments, making them likely to rent even longer.”

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, contact The Lowry Team. We can help determine if you are able to today!

Thinking of buying your first home? Contact The Lowry Team today to get started at 513-368-3751

Blank_search_bar.png

Courtesy of the MLS of Greater Cincinnati. Copyright Ā© 2020 Multiple Listing Services of Greater Cincinnati / All Information is believed accurate, but NOT guaranteed. The data relating to real estate for sale on this Web site comes in part from the Broker Reciprocity programs of the MLS of Greater Cincinnati, Inc. Those listings held by brokerage firms other than are marked with the Broker Reciprocity logo and house icon. The properties displayed may not be all of the properties available through Broker Reciprocity. Data on this site was last updated: February 16, 2020
Properties marked with the DABR logo are provided courtesy of the Dayton Area Board of REALTORSĀ® MLS IDX Database. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.. Information Deemed Reliable But Not Guaranteed.