To rent or not to rent, that is the question.
A lot of people online are trying to figure out which they should do right now. Well let me share with you a couple of stats from rent.com.
- 88% of property managers raised their rent in the last 12 months. Virtually every landlord is rapidly raising rents right now.
- 53% said they’d more likely bring in a new tenant at a higher rate than renegotiate and renew a lease with a current tenant.
Now why is that? That is because there is a tremendous amount of demand for rental units and landlords can continuously raise the rent. Keep in mind, when you’re a renter you have an adjustable rate mortgage. It’s just like an adjustable rate mortgage. Every year it can continue to climb. If you wouldn’t take out a one year adjustable mortgage, why would you make the decision to continue to rent?
Interest rates are still near historical lows and we have loan programs that require no down payment. There’s literally no reason not to buy in today’s climate. And if you’d like some additional information or have us create a total cost analysis for you that’ll show you the benefits of home ownership verse renting, don’t hesitate to reach out to us. We’re here and we’d love to hear from you.