When is it a Good Time to Rent? Definitely NOT
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 just released their second quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
At the same time, a report by Axiometrics revealed:
“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, Axiometrics vice president of research, commented on the above report in anarticle by Real 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. Contact us today.
Get to know Hank Ewing
Hank Ewing is a team leader for the Ewing Group. He joined the team of experienced REALTOR® at Bellator Real Estate & Development in 2014, and he and his team specialize in selling residential properties fast and for the most money. He is also skilled in hunting down the best prices in the area to match buyers with their ideal homes.
Hank has Louisiana roots but has lived in Daphne, Ala. for seven years. Prior to beginning his career in real estate, he worked for 20 years as an engineer in communication technologies. Videos have been ranked one of the top-rated tools for successfully selling homes, and Hank is experienced in virtual tours and other visual technology to help you make a great impression on the market.
Hank has been married to his lovely wife Amy for 22 years, and has two children – Dylan, 20 and Anna Claire, 14. When he’s not marketing homes or finding great deals for buyers, Hank enjoys hunting and spending time with family and friends.
Hank Ewing Expertise
Gold Club member Bellator Real Estate and Development
Presidents Club Bellator Real Estate and Development