Many Orlando Renters have seen their rents increase in 2014 thinking those escalated costs wouldn’t be sustainable through 2015. Get ready to brace yourself, Rents are now skyrocketing throughout 2015 with no sign of decreasing anytime soon.
It’s been reported that the rental growh in septermber was an average of 5.2% in America – the highest since 2011, according to Axiometrics, an apartment research firm. This would equate to eight consecutive months with the rates being 5% or higher. A year ago, annual growth was 4.1%.
“The eight months the rate has been above 5 percent is the longest sustained period of strength we have seen,” says Stephanie McCleskey, vice president of research at Axiometrics. “The last growth cycle was only four years, and this cycle is already five years long — with no sign of stopping.”
Perhaps it’s time for renters to start considering owning a home once again because the value of renting might no longer outweigh the costs. Only time will tell, the question is are most renters willing to wait and see what happens?
Source: Think your rent’s too darn high? Just wait CNBC (Oct. 20, 2015)