Rent has gone up 4% from this time last year, according to Zillow's latest reports. If the numbers are correct that would be the fastest jump in recent years. Rental affordability is getting tighter and tighter not showing any signs of slowing down.
Inventories are lower and if you have pets forget about it!
Rent has been building since 2000 and un-like the housing market remains unaffected during market down times, even increasing more steadily than home values in 20 of the 35 largest US markets.
Low mortgage rates make home buying an attractive option, but large rent checks can make saving for a down payment tough. On a national level, homeowners can pay an average of 15.3% of their income on mortgage payments each month, the report found, while renters will dish out roughly 30% on rent.
Inventories are lower and if you have pets forget about it!
Rent has been building since 2000 and un-like the housing market remains unaffected during market down times, even increasing more steadily than home values in 20 of the 35 largest US markets.
Low mortgage rates make home buying an attractive option, but large rent checks can make saving for a down payment tough. On a national level, homeowners can pay an average of 15.3% of their income on mortgage payments each month, the report found, while renters will dish out roughly 30% on rent.
"This is here to stay," said Svenja Gudell, senior director of economic research at Zillow. "We will continue to see rental increases, and affordability will worsen before it gets better."
"Places hard hit like Seattle, San Francisco and Denver are having a hard time keeping up and building enough units to satisfy demand," said Gudell.
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