Rentals have increased for the 5th consecutive year and apartment demand continues to rise. A rise in apartment construction isn’t likely to offer relief to tenants anytime soon either as rents will continue to rise.
Many renters may want to buy a home, but are unable to purchase a home due to poor credit scores, excessive debt and tighter credit conditions banks are continuing to impose that are preventing them from obtaining financing.
Apartment rents continue to rise with the national average rent up 12 % to about $1,083 since 2009, however incomes among renters reportedly have fallen.
Will a stronger job market push more people out of living with their parents or being roommates and increase rental demand?
Or will people realize the value of homeownership, and take the time to get their credit on track and realize they are already paying the equivalent of a home mortgage, but not receiving the benefits?
If you would like to know what you need to do to be able to qualify for your own home, contact me today to set up an appointment.
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