Rents are skyrocketing and if you are considering moving out from your parents home, moving over from homeownership or just changing rental housing, get a move on.
Mortgage lenders are stingy, the job market is skimpy and consumer confidence in housing is jittery. The American Dream of homeownership is alive and well, but often only in spirit.
The cost of rents alone make buying look like the better deal.
Nationally, the average rent grew by $21 a month in just three months from $1,008 a month in the first quarter to $1,029 in the second quarter. The San Jose, CA metropolitan statistical area (MSA) had the highest average rent and was the fasting growing market – rents rose 5.6 percent from $1,857 a month to $1,961.
Other hot markets include the MSAs of Portland, OR, up 5.5 percent; Boulder, CO, up 3.6 percent and San Francisco, up 3.1 percent.
Demand is strong elsewhere as evidenced by high occupancy rates: Portland’s at 96.5 percent; Boise, ID, 95.9 percent; Salt Lake City, UT, 95.2 percent and Baltimore, MD, 95 percent.
Rentals are so tight in some regions, bidding wars, typically reserved for the owner-occupied market, are breaking out in the rental sector.
Luckily for you, ForRent.com just took some of the guesswork out of the consideration.
In addition to the dollars and cents portion of the buy-vs-rent equation, ForRent.com also suggests taking a hard look at the different lifestyles offered by each option.
Here’s an easy-to-digest infographic that gives you some issues to consider before you make the rent-vs-buy decision.
Mouse over and click to expand the infographic below.