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US Rents Still Skyrocketing in 2016

Zillow recently revealed that the 43 million renter households in the US spent $535 billion on rent in 2015. Aggregate numbers like these often make it difficult to truly assess a situation. For more clarity, we want to share some points that were made in a Wall Street Journal article earlier this month.

The article made two important points:

1. Rents are increasing faster than the last several years:

"Apartment rents increased faster last year than at any time since 2007."

2. Rent increases are accelerating

"Another report from Axiometrics Inc., a Dallas-based apartment research company, showed that rents increased 4.7% in the fourth quarter compared with the same quarter a year earlier, the strongest year-end performance since 2005".

Here is a graph to illustrate the rate of increase over the last several years:

Average effective rent in the us

People often ask whether or not now is a good time to buy a home. Why is it, that no one ever asks when a good time to rent is? Probably, because it's NOT a good time to rent - at least not right now.  One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready to buy, click HERE to contact us today or call or email us at (303) 320-4040 |

Author: Kirsten Hamling