Published September 23, 2022
Rental Market Update
Rental prices fell for the first time in over a year across the country, welcome relief for many renters who have been struggling with the recent trend of skyrocketing rent prices in housing markets all over the country. They still remain near record highs, but the price hikes look like they have ended for the time being.
The pandemic and resulting inflation have lead to price increases across the board in every industry from food to cars to housing. Florida and California alone have 6 of the 9 most unaffordable rental markets in the country. The bad news, however, is that this price dip may only be the result of the typical seasonal slowdown as landlords have a harder time filling rental units heading into the winter months, leaving the threat of future rent increases looming heading back into the spring and summer.
If you have been feeling the pressure of rising rents, now may be the time to consider buying a home. Depending on the down payment that you make, your monthly mortgage may end up being cheaper than your current rent payment. In addition to potential savings, your payments will be going towards building equity in an asset rather than going to your landlord. Our team would love to have a conversation with you about your current situation to see if now may be a good time for you to become a homeowner. Give us a call today to discuss your options!
For more information on the national rental market, take a look at this in depth article from Realtor.com.
