Compare Listings

$441 BILLION Paid in Rent

red dollar

A recently released study revealed that a whopping $441 Billion was spent on rents in the U.S. in 2014. This represents an increase of over $20 Billion from the year before. As shown on the chart below, rents have increased consistently over the last 20+ years.

 

Rent

However, the recent increases have been astounding.

Why such a jump?

Many Millennials have postponed the purchase of their first home while waiting for the economy to recover. This has increased demand and dramatically lowered vacancy rates. In a recent article on the MarketWatch, economics reporter Ruth Mantell explains:

“Landlords have ramped up rents by the fastest pace in six years, with national vacancy rates the lowest in two decades.”

Zillow Chief Economist Stan Humphries let us know that increases will continue:

“Another increase in total rent paid similar to that seen this year isn’t out of the question. In fact, it’s probable.”

So if you are a renter and plan to just rent “one more year” you might want to reconsider your plan.  We have a great lender for you to contact and discuss your options.  It’s just a great time to buy.

 

img

Jeff Kofahl

Related posts

Prices Move up 8.1 percent

Case-Shiller Home Prices up 8.1 Percent Case-Shiller index recently reported that Dallas-area...

Continue reading
Sharon Kofahl
by Sharon Kofahl

Boomerang Buyers… They Are Coming!

  Yes, the Boomerangs are coming! TransUnion recently released the results of a new...

Continue reading
Jeff Kofahl
by Jeff Kofahl

Rent Prices Rise 6 Percent

Rent prices were up another 6% in January after near record increases all of last year.  With this...

Continue reading
Jeff Kofahl
by Jeff Kofahl

Join The Discussion

Skip to toolbar