Rent have increased 15% from 2009 to 2014 according to the National Association of Realtors, but that statistic doesn’t tell the whole story. While raising rental prices aren’t too uncommon, the real issue comes down to stagnant wages and salaries.
In fact, some areas have seen declining income in the past five years! Coupled with skyrocketing rental prices, this has squeezed many renters out of their home.
Looking for a bit of a silver lining? First, rising rent is great if you’re an investor (or thinking about becoming one!). More than ever, landlords are enjoying a nice margin driven by stiff competition among renters. Additionally, the Greater Philadelphia Area is not one of the cities with declining income — in fact, our region is slightly above the national average.