We know it’s more popular to rent versus buy in the current market. Because the rental market is so hot, availability is low and pricing is steadily rising. This is due to more tenants entering the rental market and landlords capitalizing on the tight market by increasing rates.
A recent article from MSNBC.com, details the dilemma that renters currently face, while telling of the fortunate position landlords have found themselves in.
Renters that thought they had stayed out of the housing crisis by not buying are facing their own downside of the real estate market correction. A limited supply and higher pricing are now affecting people who have been renters for a longtime, and plan to be for the foreseeable future.
With supply dwindling and vacancy rates dropping, property owners are more in a position to name their price.
To sum it up, we are living in a landlord’s market.
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