Below are quotes from experts as well as industry reports & articles that cover the residential rental market in the U.S.
“Make no mistake: Despite this recent slowdown in rental appreciation, the rental affordability crisis we’ve been enduring for the past few years shows no signs of easing, especially as income growth remains weak. It will take a lot more supply, and a lot more renters-turned-homeowners, to fully reverse this.”
“Rents and home prices are expected to exceed income growth into next year because of the insufficient creation of new home construction and the detrimental impact its inadequacy continues to have on housing costs in several markets.”
“We know rents are rising faster than incomes, and now we have data to show that many renters don’t have enough to pay all their debts each month, which is forcing them to make tradeoffs, such as cutting spending on other items.”
The reports and articles…
“Rising rents won’t let up in 2016, and will continue to set new records. The next year will bring the least affordable median rents ever.”
“68% of property managers predict that rental rates will continue to rise in the next year by an average of 8%”
“The primary reasons cited for the latest rises were increasing demand and low inventory. Vacancy rates for rental housing nationally dropped to a 20-year low of 6.8 percent in the second quarter…Rents and occupancies are currently hovering at historic highs as supply isn’t keeping up with demand.”
If you are one of the many renters debating a home purchase, let’s get together to discuss your options, before your rent goes up!
Call/text Jim at 605-858-0775 or click on the contact us button above for a free, no cost, no obligation home buyer consultation.
Are You Thinking About Buying a Home?
The process of buying a home can be overwhelming at times, but you don’t need to go through it alone.
You may be wondering if now is a good time to buy a home…or if interest rates are projected to rise or fall. The free eGuide below will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home.
Check it out, and feel free to get in touch if you have any questions.