Realtormag.org | Nationwide rents have risen 15 percent, on average, between 2009 and 2014, according to the National Association of REALTORS®’ data.
Rising rents are due to “supply constraints” in housing and rentals, says Lawrence Yun, NAR’s chief economist. Fewer rentals have led to higher prices.
Millennial renters may be particularly hard hit as rising rentals costs are exceeding wages and millennials are renting for longer periods of time than previous generations. Longer rental times coupled with high rental costs are causing renters to struggle with saving for a down payment.
Luckily, some state and local assistance with down payment is available. Call me today to find out about the programs that may be available in your area.