When is it a Good Time to Rent? Definitely NOT Now!

By
Real Estate Agent with Keller Williams Alabama Gulf Coast 100276

When is it a Good Time to Rent? Definitely NOT

Now!

 

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:

Median Asking Rent | Simplifying The Market

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.”

Bottom Line

If you are ready, willing and of course able to buy, now may make sense.  Contact us today.

 

 

 

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When is it a Good Time to Rent? Definitely NOT Now!

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

Specialties

Land

New Construction

Relocation

Residential

Short Sales

Vacation/Resort Properties

Condos/Townhomes

Luxury Homes

Sellers

Buyers

Investment Properties

Military Relocation

REO/Bank Owned

Awards

Gold Club member Bellator Real Estate and Development

Presidents Club Bellator Real Estate and Development

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Posted by

Hank Ewing

The Ewing Group
Bellator Real Estate & Development

7300 Dolphin Street

Daphne, AL 36526

251-689-9765

www.findhomeseasternshoreal.com

 

 

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Comments (1)

Rosemarie Heindel
Harry Norman Realtors - Big Canoe, GA
Rosemarie Heindel

I realize through talking with many people, that rents keep going up and it definitely is less expensive to own a house.  We still have those who through foreclosure, have a waiting period to restart their credit rating!

Aug 20, 2015 04:23 AM