Rent vs. Own – Is now the time to buy?

Don’t miss this weeks show! We discussed the information found in the news article below and we interviewed Mike Bjorkman, broker owner of HomeSmart NCG and broker of California Leasing. Mike has completed over 4,500 real estate transactions and currently managing over 600 residential properties. Not only is Mike Bjorkman a real estate agent and property manager but he is also a well known author, national speaker and trainer for some of the top real estate agents across the country. He has been awarded a seat on the Top 5 Advisory Board and has made his biggest priority to protect, serve and educate his clients.

News article below written by Aly J. Yale posted in TheMortgageReports

Is renting still an option?

Home prices might be up, but rents aren’t any better. In fact, according to new data, average rents clocked in at $1,405 last month—the country’s highest rents of all time.

Rents reach peak point

According to RENTCafe, rents rose 0.9 percent from May to June and were up nearly 3 percent over the year. That equates to about $40 more dollars per month, on average.

Rents also increased in 88 percent of America’s largest metros. Only 10 percent of cities saw rents hold steady, while just 2 percent saw a slight decline.

It appears size doesn’t matter, either. Rents rose 2.8 percent or more on studio apartments, one-bedrooms, two-bedrooms and three-bedrooms over the year, and about 1 percent since May.

New study reveals Millennials spend nearly $100K in rent costs by age 30

Where rents are rising most

Rents in Orlando have jumped 8.4 percent over the year, with residents now paying an average of $107 more per month. Tampa, Phoenix and Las Vegas all saw rents rise 6 percent or more in the same period.

But it’s not just big metros feeling the burn.

“The top 20 fastest increases in the country were registered in small cities, where population migration and the strengthening economy are accelerating rent growth,” wrote RENTCafe’s Balazs Szekely.

Smaller cities to see big jumps in rents were Midland, Texas (38.8 percent increase over the year); Odessa, Texas (36.6 percent); Lancaster, California (10.2 percent); Reno, Nevada (9.9 percent); and Peoria, Arizona (9.6 percent).

The highest dollar-value rents for June were seen in Manhattan ($4,116); San Francisco ($3,561); Boston ($3,374); San Mateo, California ($3,269); and Cambridge, Massachusetts ($3,111).

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