Thursday, March 17, 2011
So, what happens when people aren't buying homes because they are too expensive, they are unable to get approved for mortgages and/or the banks are Too greedy in their fees, hidden costs and loan terms to make getting a mortgage possible?
Why, they rent of course...
And what happens when the need and demand for rentals increase?
Yep.. the cost to rent goes up, Up, UP...
Double-digit rent rise is coming to the housing market (CNN-Money) -- "Expect rent to spike 7% or so in each of the next two years -- to a national average that will top $800 per month. In the hottest rental markets, the increases will likely top the 10% mark annually for the next couple of years, according to Lesley Deutch of John Burns Real Estate Consulting. In San Diego, she anticipates rents will rise more than 31% by 2015. In Seattle rents will climb 29% over that period; and in Boston, they may jump between 25% and 30%."
Gotta love capitalism..
Looks like the newest trend of the 2010's will be to either keep living with parents until you turns 45, or live on the streets
Posted by Susquehanna at Thursday, March 17, 2011