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Is it a Good Time to Rent? Not now it isn't!

Is it a Good Time to Rent? Not now it isn't!

 

People often ask if now is a good time to buy a home but, the real question should be whether or not it’s a good time to rent. 

 

As the graph below demonstrates, now is NOT a good time to rent.

 

The Census Bureau recently released their 2018 first quarter median rent numbers. According to their report, here is a graph showing rent increases from 1988 until today:

 

Rising Rental Rates

 

Rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.

 

National rental vacancy rates in the first quarter 2018 were 7.0% and 1.5% for homeowner housing. Yes, it’s much easier to find a rental than a home to buy but, the thoughts of paying someone else’s mortgage for them, padding their pockets with equity and having nothing to show for your largest monthly expenditure (rent), should dissuade you from feeling the need to rent. 

 

Here in Charlotte, our rental rates are quite a bit higher than our monthly mortgage payments as our area is very affordable. With interest rates on the rise, NOW is the time to buy, not rent!

 

The Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let’s talk!  Call or text (704) 491-3310 or email DebeM@remax.net for more information on homeownership in Charlotte!

 

© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | Is it a Good Time to Rent? Not now it isn't!

 

     

Charlotte Real Estate Team - The Maxwell House Group

 

  Charlotte NC Homes for Sale

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Charlotte CRS Agent


Debe Maxwell, Realtor®/Broker/CRS

RE/MAX Executive

CharlotteBroker@icloud.com
Direct:  (704) 491-3310

 

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Comment balloon 8 commentsDebe Maxwell, CRS • June 16 2018 06:45AM

Comments

Morning Debe.

Other than for credit issues, or for a temporary place to stay. I never understood why someone would want to rent.  Go figure

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) 4 months ago

Good morning, Debe Maxwell, CRS it's much cheaper to buy than rent today.... the rents here are outrageous....a very small 2 bedroom apt. on a third floor (hit your head on the sloped ceiling) is $1,600 with no utilities included.... 

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) 4 months ago

Hi Debe Maxwell, CRS - this is great information to share with the general public. I have never rented. I moved out when I married at 20 and moved into a home my future husband and I bought for $16,500!!! (Ok! I am dating myself!)... 

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) 4 months ago

That graph tells the story very strikingly, Debe.  Waiting to buy will only make it worse for most people.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 4 months ago

I don't think it is ever a good time to rent, but I do realize that there are interim times that it makes sense.  I don't understand why people would rather line a landlords pockets with cash, rather than their own, haha.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 4 months ago

I just reted one of my houses out for $250 more a month than I was asking for

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 4 months ago

Good morning Debe Maxwell, CRS -  I am 100% with James Dray on this one.  Just a few narrow reasons.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 4 months ago

Hello Debe- - -this is an interesting question to pose.  

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) 4 months ago

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