With potential home owners finding it tough to buy their first home, there is still strong demand for rental units, judging by rental price trends. REALTORS® reported rents that are higher compared to a year ago.
Rising rents add an additional incentive for homeownership. Homeownership provides families with enhanced lifestyles—and a chance to cap major parts of their living costs.
What does this mean for REALTORS®? Homeownership advantages for discussion with clients include housing costs (generally less owning a home), quality of life for the family, continued relatively low mortgage rates, and home affordability. Rents continue to go up, and at the end of the lease the renter has a stack of rent receipts as the final product.