People often ask if now is a good time to buy a home, but nobody ever asks when it’s a good time to rent. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent.
The Census Bureau recently released their 2017 fourth quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
As you can see, rents have steadily increased and are showing no signs of slowing down
- Orange County rents are projected to rise 3 percent to 3.6 percent in 2018, according to apartment data firm RealPage and the USC Casden Multifamily Forecast.
- Los Angeles County apartment rent will rise 3 percent, both forecasts show.
- Inland Empire apartment rents will rise faster: Up 4.1 percent to 4.4 percent, according to the two forecasts.
- Most Southern California apartments will be full. Vacancy rates in the region will be around 3.5 to 3.6 percent, according to RealPage.
Low vacancy rates will keep apartment rents high, economists said.
Should you buy a home?
- Yes, but only if you plan to live there awhile to ride out any potential downturns.
After almost six years of home-price gains, people are asking how much longer will this trend last? Is it too late to buy a home? 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.
Southern California single-family home prices have risen $239,000 or 91 percent over the past 69 months, according to CAR.
How much longer can this go on? How soon will prices start falling? Is it safe to buy a home today?
Most economists say this bull market still has some legs, lasting a year or two more at least, if not five.
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.
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 meet to determine if you are able to today!
If you have any questions or want more information, get in contact with me TODAY at 951.704.6370 or Kristi@KristiHardenRealEstate.com
*Information provided by kcm.com and ocregister.com