Since the beginning of this year, increasing mortgage rates and rising listing prices have dominated news headlines throughout the country. As a result, many potential homebuyers have gravitated towards signing another rental lease instead of jumping into the housing market and applying for a mortgage—but this may not be the best financial decision. Overall, rent rates are fluctuating as well.
Since election week in November, increasing mortgage rates have dominated news headlines throughout the country. What most people don’t realize, however, is that home prices and mortgage rates aren’t the only spiking costs in today’s economy—the cost of rent has drastically increased as well.
Last week’s post, “U.S. Home Sellers Experience Greatest Price Gains Since 2007,” introduced how the housing market’s recent price gains may benefit home sellers and buyers throughout the nation in months to come. Home sales have ultimately rebounded from the housing market crash; however, these current price gains have lately had a completely different effect on the housing rental industry.