In cities across the country, rents are rising. Rental affordability has always been a problem in big city living, like in New York City or San Francisco, but this year even smaller cities are feeling the impact of rising rents. As a Realtor, I see this trend in our Tampa/ St. Pete community as well, especially in locations that have urban appeal. The Forbes infographic below shows that rents are clearly rising all over the country.
And according to Stan Humphries, Chief Economist at Zillow, this trend is not showing any signs of slowing down. He says, ““Rental appreciation has been a freight train these past few years, chugging along without any appreciable slowdown,” said Stan Humphries, Chief Economist at Zillow.
While this makes it difficult for renters whose incomes may not be rising at the same pace as the rent hike, for homebuyers this is good news. The rising rent trend means that renting a property is easier and more lucrative than it has been in year’s past. Consider now the time to buy a home and make money from it as a rental property. There are plenty of values on the market that would make a good investment for rentals.
Check out the full article athttp://www.forbes.com/sites/laurengensler/2015/02/24/rising-rent-smaller-cities/To find listings in your area, email me at ForSale@NathanBangs.com