When is it a Good Time to Rent? Definitely NOT Now!

People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau just released their second quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Median Asking Rent | Simplifying The Market

At the same time, a report by Axiometrics revealed:

"The national apartment market's annual effective rent growth rate of 5.1% in June 2015 represented a 47-month high, and continued a streak of 5.0%-plus rent growth that is now the longest in at least six years, according to apartment market research. The effective rent growth in June 2014 was 3.7%, putting June 2015’s exceptional performance into perspective.

This is the highest rate since the 5.3% of July 2011. The metric has reached at least 5.0% for five straight months, the longest such streak since Axiometrics started monthly reporting of annual apartment data in April 2009."

WHERE WILL RENTS BE HEADED IN THE FUTURE?

Stephanie McCleskey, Axiometrics vice president of research, commented on the above report in an article by Real Estate Economy Watch:

“Rent growth is just shy of the post-recession peak, and the June metrics reflect the continued strength of the apartment market. The demand for apartments is still strong, despite the record number of new units being delivered this year.Tight occupancy is why landlords can push rents higher.”

BOTTOM LINE

If you are ready, willing and of course able to buy, now may make sense.


2bef7bb1 718d 4fa9 9b82 45ee86417460 4ac4c5d5 c6ca 4beb a761 99425edccfec 915d3c00 b2e4 46ec 90b9 144540138c0c c0176068 481a 410e 8665 2f9913e00461 f56c9f92 eda1 4775 bec6 a0ab4a92aa87 de91b47c faf2 47c0 b841 b8374bfff303 cebb473d 43c3 4957 9028 3f1dc8b915d5 c47d9c12 b382 49de b319 b59c186496c9 f5b5727c 7d96 4c5f 889c 52e464ffb0a9 98bbced3 90ad 4309 bbd1 b868907a8dc7 93a8bffa 50c0 4d82 9cba e045859fa06f 316972b0 8486 43eb 940b 6ffb5d82b2cb b419dec7 c80e 42f1 ae34 01c2d34fe6fe 85b7613e f735 45f5 98b4 7b4bf76ea567 7269b4fe 3088 4c6f b3aa e2b79c629266 d32939b1 a435 4963 96ab a20ec5ad6fab 1a5fd3db aca3 4583 abc6 eec1c65eb566 2acc89ee 5bd4 4b57 b64b 838057d29dac c83a387b 5dbd 4a8c 957c 2380b319c8a2 8307615b 83dd 4c9b aaca d02f68e3e44c 5aec3717 5176 41f8 a7fb 4f5a34254a53 f4fadca7 9c04 4d5e a515 5ffaad18cfae ec6d8036 1f87 4264 82a7 5a233b693d75