Rising rents may tempt consumers to buy property
Posted on Tuesday, July 31, 2012 at 5:09:00 PM
Rents are rising across the United States in many metros, and this can often leave consumers with a sour taste in their mouths. According to real estate experts, leases are continuing to grow in price, especially in cities such as Boston, New York City and San Francisco.
In Boston, rents rose by 2.3 percent in the first part of spring 2012 alone, the Boston Globe reports. However, asking rents rose by four times that speed in a six month comparison – a whopping 9.3 percent from October 2011 to March 2012. While real estate experts from Trulia claim this is one of the most expensive metro price hikes to be seen in the nation, other metros such as New York City are also experiencing rent woes.
Approximately 75 percent of Manhattan dwellers rent, the New York Times reports. According to the latest analysis of the New York City rental market, the average monthly expense comes to the tune of $3,418.
People tired of high rental rates may want to consider home financing options. The relatively affordable home prices and low interest mortgage rates are tempting. Check out a Standard Fixed Rate Loan from Home Loan Investment Bank and consider the financially smart option – homeownership.