About Us The Latest
Still renting? Here's why you should own a new Sunrise home, instead!
November 12, 2015
As the real estate market fluctuates, so does the rental market. At the moment, the rental scene is looking increasingly uninviting. A recent article in MarketWatch details how landlords are taking advantage of the intensely competitive rental market and will be hiking rates accordingly.
The numbers are staggering:
- 88% of property managers raised their rent in the last 12 months and 68% predict that rental rates will continue to rise in the next year by an average of 8%, according to Rent.com.
- Many renters are spending more than 30% of their income on rent (the amount generally recommended) and need help qualifying for the lease.
- Around 43% of property managers reported seeing an increase in the number of applicants who do not meet the income requirements on their own and require a guarantor.
- 34% of property managers reported that renters are holding on tight to their apartments and renewing their leases, either because they face higher rents elsewhere or they’re choosing not to buy property.
- The number of Americans spending more than half of their income on rent will rise by 11% from 11.8 million in 2015 to 13.1 million in 2025, a survey released last month by Harvard University’s Joint Center for Housing Studies and Enterprise Community Partners found.