NEWS: Rising Costs in Rent are Driving People to Purchase

Have you seen the cost to rent a small apartment lately? At that rate, you could take yourself on a nice vacation, or maybe even 12 depending on where you are trying to relocate. 

The rising rents across the nation have impacted Americans hard as they feel their wallets getting lighter and lighter.

"A record number of Americans say they expect rents will rise even more over the next year as well, according to a newly released Fannie Mae survey." - Realtor Magazine

“Persistent increases in asking rents will eventually push up the average rent of the entire stock of units on the market,” the Federal Reserve Bank of San Francisco wrote in an economic brief last month.

If you aren't seeing a change in your rent yet, sorry to say but just wait until it's time to renew your lease. It may be time to pack up and analyze your options on purchasing a home or better yet might be time to move back into Mom and Dad's basement. 

If you think that's bad, rent in New York jumped a whole 33% between January 2021 and January 2022, according to data from Apartment List. (Send help!)

It isn't stopping here! Experts predict rents will continue to rise over the next 12 months so it may be time to really evaluate your goals and see what is a better option for you. With record-high equity rates, purchasing a home may not only save you money but will help you build your wealth in the long run.