In the ongoing battle between the cost of homeownership versus renting, it appears the former is the victor for the month of November. According to a new report from Realtor.com, November marked the fifth consecutive month of double-digit rent increases with rents rising 19.7 percent compared to the same month last year.
The current national median rent price reached $1,771 per month as of November – the highest median ever recorded by Realtor.com. Some of the recent increase in rents was driven by a surge of millennials seeking places to rent after being priced out of the housing market. This increase in demand for rental units has caused landlords to reevaluate the value of their properties.
One of the biggest rent price increases in the U.S was in San Diego’s neighboring County of Riverside which saw monthly rent costs surge by more than 30 percent since last year.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
