Below read quotes from experts as well as industry reports & articles that cover the residential rental market in the U.S.
What Experts Are Saying
Zillow Chief Economist Svenja Gudell:
“Make no mistake: Despite this recent slowdown in rental appreciation, the rental affordability crisis we’ve been enduring for the past few years shows no signs of easing, especially as income growth remains weak. It will take a lot more supply, and a lot more renters-turned-homeowners, to fully reverse this.
Lawrence Yun, Chief Economist of the National Association of Realtors
Rents and home prices are expected to exceed income growth into next year because of the insufficient creation of new home construction and the detrimental impact its inadequacy continues to have on housing costs in several markets.
David Brickman, Executive Vice President of Freddie Mac Multifamily
“We know rents are rising faster than incomes, and now we have data to show that many renters don’t have enough to pay all their debts each month, which is forcing them to make trade-offs, such as cutting spending on other items.
The reports and articles
Zillow’s 2016 Housing Market Predictions
Rising rents won’t let up in 2016, and will continue to set new records. The next year will bring the least affordable median rents ever.
2015 rent.com Rental Market Report
68% of property managers predict that rental rates will continue to rise in the next year by an average of 8%
The primary reasons cited for the latest rises were increasing demand and low inventory. Vacancy rates for rental housing nationally dropped to a 20-year low of 6.8 percent in the second quarter Rents and occupancies are currently hovering at historic highs as supply isn’t keeping up with demand.
Bottom Line For Central Ohio Renters
If you are one of the many Columbus area renters debating a home purchase, contact me, REALTOR® Rita Boswell at 614-830-9767 today so that I can show you your options… before your rent goes up! We’ll talk about what you’re looking for in a house, and I’ll help you throughout the buying process and beyond.