The Rental Market
As foreclosures push former homeowners into the rental market, a large increase in new leases is being reported across the country.
In a recent survey, 76% of those polled responded that they believe renting is the better option than buying even with mortgage rates at record lows. The recent mortgage crisis has influenced the way people look at homeownership and with the unemployment rate at 10%, people are cautious about committing to a 30 year mortgage.
These factors will contribute to an already tight rental market and with the new uptick in renters, expect higher rental prices and less availability for at least the next 6 months to a year. Or until construction begins again on multi-family housing.
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