Here are my thoughts on what our changing rental market means for you.
Due to the pandemic, the rental market has been rough recently. However, there are signs that it may be coming back. Today I’ll explain what the changing rental market means for landlords, homeowners, and renters:
1. As competition increases, landlords benefit. If you own a rental property, you’ve probably noticed the surge in applications, especially in urban areas. As more people fight for rentals, prices will increase. We’ve already seen price increases of 5%, and I expect them to only go up from here.
2. If you’re looking to buy a home, now is the time. As previously mentioned, it looks like rent prices will be going up. As we thaw out of the pandemic, people are going back to work and flooding back into urban areas. If you want to avoid the competition, now might be the time to take advantage of low interest rates and buy a home.
3. If you need to rent, expect higher competition and prices. I recommend giving yourself plenty of time to search for a space because you can no longer guarantee your application will be accepted above all the others. I expect competition to be especially fierce among one-, two-, and three-bedroom homes.
I expect the increase in rent and competition will drive more homebuyers into the market. If you’re looking to sell your home, now could be the perfect time. If you are looking to buy or sell, or if you have any questions about today’s topic, please reach out to me. I am always willing to help.