With all the growth in our economy rental rates are on the rise.  It doesn’t matter what part of the country you live in, all area’s have been effected.  In the Atlanta Metro area the rise has been significant.  A certain amount can be attributed to the lack of available inventory for potential buyer’s.  I read this recent article in DSNews on this subject and thought I would share it.

Rental Rates on the Rise

Much like the housing market, the rental sector is showing no signs of a slowdown.  Recent CoreLogic numbers show that U.S. single-family rents were up 2.9 percent year-over-year in April.

Between 2010 and 2018, single-family rents have consistently increased, according to the CoreLogic Single-Family Rental Index (SFRI), which evaluates rent changes among single-family rental homes, including condominiums, utilizing a “repeat-rent analysis” to measure the same rental properties over time.

That said, year-over-year price hikes have moderated since February 2016—when they crested at 4.2 percent—holding steady over the past year with a monthly average of 2.7 percent, the SFRI reports. This April’s 2.9 percent year-over-year increase is a 1.3-percent drop in the growth rate since the 4.2 percent peak, it notes.

Low-end rental homes—properties with rents 75 percent or less of a region’s median rent—buoyed the index’s overall growth in April, SFRI says. Rents on lesser-priced rentals ramped up 4.2 percent year-over-year. On the other hand, rents for higher-priced dwellings—properties with rents exceeding 125 percent of the regional median rent—skipped ahead 2.7 percent year over year, the report shows.

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Are you still on fence and trying to decide if you want to rent or buy?

In a good amount of cases it is less expensive to buy a home than to rent.  You also get the benefit of the tax deductions and being able to build equity.  For some renting still remains the better path.  Contact us and let’s discuss your goals.  We are here to help you in any way we can!