Market analysts have seen a rising trend in the housing market, renting. Due to the current uncertainty in the housing market, many people are turning to rentals in the short-term. This new rental demand could drive up rental prices in the near future so, if you’re looking to rent, now is the perfect time to find your new apartment before the market causes a rental shortage.
PERSONAL FINANCE DAILY
Thursday’s Personal Finance stories
By MarketWatch
Last update: 1:00 p.m. EDT May 7, 2009
One of the upsides to falling home prices has been increased affordability, with more folks able to buy a house using only a reasonable portion of their income. That’s especially true when it comes to the affordability of “work force housing,” the dwellings that are within reach of the police, firefighters, nurses, teachers and other essential community workers.
But while for-sale housing may be more within reach these days, the housing-market slide has had the opposite effect on the rental market. With so many former homeowners forced into the apartment market because of foreclosures and short sales, rental demand has soared in many place and rents are rising right along with demand.
