Rents Could Rise 10% in Some Cities
Now more than ever is the time to buy a new home. With an improving economy, mortgage rates at historic lows, and prices depressed, a savvy buyer can find excellent deals in today’s real estate market. A new sign that it may be time to stop renting and start buying is the latest data from Rent.com which predicts that rental rates in most major cities are getting ready to take a sharp price increase. Brought on by rising demand, many people are shunning the traditional mortgage out of economic uncertainty. Combined with historic lows in unit inventories, the average rent is forecasted to top $800 month nationwide. For those in the right situation now is the time to trade in that rental property for something you can build equity in.