Increase in Rental Prices
As if we needed another reason to encourage homeownership! A recent report published by CNN found that rental prices skyrocketed another 4% in April, outpacing home values and the median income. This is the fastest increase in over two years.
Image via Astuteinvestments.com
The main reason? Demand! The demand for rentals has increased, caused largely by Millennials and former homeowners who had been foreclosed upon during the recession. But as expensive as rentals can be here in Philadelphia, we sure don’t have it the worst! Rentals in San Francisco jumped a whopping 15% since last year!