by Shane Bierly
The average monthly rent for an apartment continues to increase year after year and there is no sign of a decrease on the horizon.
Why is renting an apartment so expensive?
According to Axiometics, an apartment research firm, annual rent growth is at an all-time high since 2011. Simply due to supply and demand. There aren’t enough apartments for rent and the demand for an apartment continues to increase.
As more of the younger generations move out of their parent’s house, or away from a roommate, they are looking for a place of their own. The problem is that the price of rent is nearly the same, or in some instances, more than a monthly mortgage payment - depending on your metro area. Begging the question – why rent?
More studies continue to confirm that it is more affordable to own than to rent. Interest rates continue to remain steady and low – allowing first time home buyers an excellent incentive to enter the market. In addition, with the flexibility of new construction, buyers can get exactly what they want right off the bat.
It may seem scary but the best way to educate yourself on the benefits of home ownership is to make an appointmen to speak with a local lender. They can help you get pre-approved for a loan, help you establish a budget and reccoment local real estate agents.