The lending industry has tightened their criterias. However, there are still programs available to help you get into a home. Rent prices are on the rise and despite all the news, you can still buy and get help with closing and down-payment.
Nationwide, rents started edging up last year after several years of little growth or even declines, market researcher Reis says. It predicts apartment rents will jump 4.3% this year, marking the biggest annual increase in four years. MPF Research, which also monitors apartment rents, expects them to rise more than 5% this year, says Greg Willett, MPF Research vice president.
Job growth is driving much of the increase. As more people get jobs, people who doubled up in homes during the recession, especially younger workers, move out on their own, says Ryan Severino, Reis senior economist. Many of those workers are choosing to rent rather than to buy, because of dropping U.S. home values and tight lending standards that make it harder to buy homes, Severino says.
Lack of construction is also helping rents. This year, just 40,000 new apartment units are expected to be added to the U.S. supply, Reis says. That's down from about 130,000 new units each year for much of the past decade.
Apartments make up about half the nation's rental supply, Willett says. Single-family homes and condominiums account for the rest.
Take time to investigate about buying instead of renting. You may be happy with the results.
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