When Is a Good Time to Rent? Not Now.

People often ask if now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their 2016 median rent numbers. Here is a graph showing rent increases from 1988 until today:

rental-rates-jersey-shore

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

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, meet with a local real estate professional who can help determine if you are able to today!

YOUR TURN

What are your experiences when it comes to buying vs. renting? Sound off on the Patrick Parker Realty Facebook Page or on our Twitter or LinkedIn feeds. And don’t forget to subscribe to our monthly HOME ADVICE email newsletter for articles like this one delivered straight to your inbox.