For Renters, Market Likely to Get Pricier
Rising demand and a tightening supply is forcing residential rents upward, and signs point to this increase in rents continuing over the next few years.
With current housing purchases being deferred, renters that would become homeowners are not making space available for new renters.
Rents are at their highest levels in 2011 since 2007. While rents have risen, the cost of home ownership has dropped. In fact, in 74 percent of major U.S. cities, renting may be more expensive than owning a home, MSNBC.com has reported that “Office and home rent will keep rising and rising.”
Rent hit their highest level since 2007 last year, reaching $1,009 a month average rental price. Fewer places to rent means landlords have the upper hand when it comes to what they can ask, and that will probably be the case for the next few years.,
One study by Trulia.com, a real estate research firm, found that, “based on current market conditions:
Buying a home is cheaper than renting in 74% of major U.S. cities.
SEE WHY BUYING A HOME IS BETTER AND CHEAPER THAN RENTING
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