For many renters, the dream of owning a home seems like just that—a dream. And with rental rates rising in recent years, saving for a down payment while continuing to pay more and more in rent has become almost impossible. But there’s good news on the horizon for would-be buyers!
Stable Rental Rates Mean More Savings for Future Buyers!
Recent studies from four major rent indices indicate that rental rates could be stabilizing in the near future… after years of constant increases. That means renters who’ve struggled to find extra money to set aside for a down payment may once again be able to contribute to a savings account.
Rents have been soaring in past years
Despite a rise in buyer demand and new construction homes, rental markets across the US have remained extremely competitive over the past handful of years. Vacancy rates are low, which has caused rents to climb at steep rates—soaring from a national average just around $1,300 to over $1,600 between 2012 and today.
Leveling rental rates are in the forecast
Four major rent indices—Zillow Rent Index, RENTCafe, CoreLogic, and The Apartment List National Rent Report—all predict there could be a much-needed slowdown in the rise of rent prices. In fact, all four have already shown a definite slowing in the increase of rental rates.
Spend less, save more
If you’ve been dreaming of leaving the rental life behind and buying a home of your own, good news is on the horizon. With rental rates stabilizing, you might not find yourself handing over the majority of your paycheck to your landlord—leaving you with more room to put aside money for your down payment.
Dreaming of Buying in the Triangle?
Have you been thinking of buying a home in the Triangle of North Carolina? Linda Craft & Team is here to help! With over 350 years of combined real estate experience, we’ve got what it takes to ensure you find the right home at the right price in the right location! Give us a call and let’s get started.