It's not just home purchase prices that are skyrocketing this year. Rent costs have shot up as well.
Whether you're an agent or a client - rent costs can be frustrating to accommodate lately.
Nationwide Prices Go Way Up
It's been stated that rent costs have gone up over 13% nationwide in 2021. This has made it really hard for people to find affordable housing, even when they aren't willing or able to buy.
One aspect of this that has been so frustrating is that historically, rent costs rise about 1% a year - and now we're in the double digits.
Agents have a hard time finding properties that families, couples, and individuals can afford. Those that are looking to rent typically don't want to pay such high prices because they aren't paying down their own mortgage.
With the inventory so low for homes to buy - it's not really a surprise that rents have gone up and in turn, the rental inventory has even gone way down.
What To Do About It
Rent costs in both large metropolitan cities and smaller towns are seeing rising prices. While there isn't much one can do to stop it - they can get creative! Many are looking into roommate situations, even families. This can be fun, especially if temporary.
Other creative ways to afford renting is to rent out just a portion of a home. Some landlords are willing to lower costs if tenants are able to help improve the property.
Luckily, some programs are being put into place lately that are lowering or at least stagnating rental prices. Also, more affordable housing is being implemented in a lot of suburban and metropolitan areas. The hope here is that people can hang on long enough to see this curve down the backside.
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