Rents Has Gone Up 5%

Renting use to be cheaper than buying and owning a house, but these days, in many cities across the U.S. that is no longer the case. Rent payments keep going up and home prices are standing still. The asking prices for homes declines 0.7% in the past year through the month of March while rent has gone up 5%. The local Jacksonville movers learned that the average rental price is at $1,350, up from $1,285 a year ago. Some metro areas are reporting double digits increases in rents, such as Sarasota, Florida where the average rent jumped 12.9%, scoring the highest increase in 100 largest metro areas. Miami and San Francisco had the next highest rent hikes with 12.1% and 11.1%. The local Jacksonville moving specialists found out the national vacancy rate for apartments is now at its lowest since 2001. Due to all of the foreclosures, many people were forced to leave their homes and rent apartments. This raised demands for rentals as well as price. Some cities have also constraints on building new multi-family housing, limiting supply. Besides better price tags on homes, the low mortgage rates have also made home buying more affordable.

Are you buying or renting? Do you need help with moving? Call the local Jacksonville movers for professional moving services at an affordable price.