Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.

In the most recent Apartment Rent Report, RentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.

 “Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”

Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country and that the trend is accelerating:

“The median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the 50 largest markets are showing deceleration in annual home value growth, annual rent growth is accelerating in 41 of the largest 50 markets.”

The Zillow report went on to detail rent increases since the beginning of the housing market recovery in 2012. Here is a graph showing the increases:

Bottom Line

It is true that home prices have risen over the past seven years, increasing the cost of owning a home. However, the cost of renting a home has also increased over that same time period.

I work hard every day to guide renters on how to build a solid plan toward 1st-time homeownership. Correcting debt issues, credit scores, budgeting for a home purchase, and even helping renters resolve issues regarding identity theft. All of these challenges are small hills to climb and overcome in order to own your own home and not rent anymore.

The positives are numerous, and the challenges do exist, but I am available to help you build the plan and assist you in navigating the path toward your successful real estate goals.

As always, I’m asking the question, “How can I help you today?” Even if you are not planning a real estate purchase, I want to help you in any way I can with your present situation. I appreciate you looking us up, and letting us be your information source for anything you may have a question on or need help with.

We love people, and we love properties. Just reach out and call us at (503) 799-8354 to get answers to your questions.

Cheers,

Michael Jester
Oregon Licensed Real Estate Broker
My Real Estate Advisor Team
(503) 799-8354 cell
(503) 437-9005 office
michaelj@myreateam.com

Bella Casa Real Estate Group
207 NE 19th Street, Suite 100
McMinnville, OR 97128
(503) 437-9005 office
https://thebellacasagroup.com