Think Home Prices Have Skyrocketed? Look at Rents.

    Think Prices Have Skyrocketed? Look at Rents.

    Think Prices Have Skyrocketed? Look at Rents. | MyKCM

    Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.

    In the most recent Apartment Rent ReportRentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.

     “Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”

    Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country, and that the trend is accelerating:

    “The median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the 50 largest markets are showing deceleration in annual home value growth, annual rent growth is accelerating in 41 of the largest 50 markets.”

    The Zillow report went on to detail rent increases since the beginning of the housing market recovery in 2012. Here is a graph showing the increases:Think Prices Have Skyrocketed? Look at Rents. | MyKCM

    Bottom Line

    It is true that home prices have risen over the past seven years, increasing the cost of owning a home. However, the cost of renting a home has also increased over that same time period.

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    Sandra Lowrey

    If you're planning to sell your home in the next few months, nothing is more important than knowing a fair asking price. We would love to help you with a FREE Market Analysis. We will use comparable sold listings to help you determine the accurate market value of your home. The Huntsville real estate market is one of the most stable in the country. From being the top in the nation in business growth to the top in real estate growth, Huntsville, AL lives up to its name by being recognized in national publications such as US News & World Report's 2018 list as the No. 7 Best Places to Live, No. 8 Best Cities to Buy a House in America according to Niche 2018 Best Places List, and No. 1 in job growth in the tech industry in 2017 according to StateTech, along with many other accolades. Not to mention our world leading NASA agency and Redstone Arsenal! Let one of our Lowrey Team members help you find your next home in Huntsville or the surrounding areas.

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