This report discusses average rental costs and trends between two cities in Colorado, and St. Petersburg, Florida and why people should look at rental prices and trends before buying a house.
A new report was released by the Colorado Exclusive Buyer Agents Association, based out of Denver, CO on rent trends and costs between 2 cities in Colorado and St. Petersburg, Florida. The report explores the top advantages of the rental of an apartments or home before buying a house in the area where the individual intends to live. Consumers also often use rental data to compare that with the monthly costs of owning a home to see if it makes sense for them to buy instead of rent.
The full report can be found here: http://homebuyerscolorado.org/the-costs-of-renting-a-home-in-colorado/
along with the radio clip discussion.
The host of the radio show reported that 77 out of 100 largest cities across United States have experienced rental increase. Cities such as Baton Rouge, Louisiana, and Providence, Rhode Island and some cities in Hawaii are a few areas where rental prices have stabilized.
The report looked at two areas in the Denver metropolitan area, Littleton and Centennial. According to Zillow, the median home rental price in Littleton is $1,947, which is lower than the Denver Metro median of $2,075. One bedroom apartments in Littleton rent for $1411 a month on average (a 6.8% increase from last year) and two bedroom apartment rents average $1680 (a 7.74% increase from last year). As of August 2018, average rent for an apartment in Centennial, CO is $1632 which is a 0.43% decrease from last year when the average rent was $1639 , and a 0.12% decrease from last month when the average rent was $1634. Prices for a 2 bedroom rental in St. Petersburg, Fl within 30 minutes of the airport range from $1600-2000, and are continuing to go up, according to buyer's agent Debbie Deeb of Berkshire Hathaway HomeServices / Florida Properties Group in St. Petersburg.
The data imply that rental surges indicate the current economic status of the cities. Rental increases indicate the economy is doing good, while stabilized or declining rental prices may mean the economy isn't performing quite as well.
The summary discusses the top 2 factors that play big roles in determining rental fees. These are the location and accessibility of the property to goods & services. New companies that move to the area, or existing ones that expand to offer more jobs also cause rents to go up. The report states that rental homes near the urban areas, grocery stores and public transportation tend to be more expensive than in suburban areas.
One of the main reasons people rent is for the flexibility it affords. Renting a house is perfect for those who often experience job relocation since most of the rental services don't require long-term commitment. Those who are intending to buy a home may want a month to month rental because it will be easier to move out when a home is purchased.
This report also gave the top 3 key point in looking for the best local agents who can assist with living accommodations prior to buying a home . A free list of exclusive buyer agent association members may be found at the above referenced website. Those looking in states other than Colorado may also find buyer agents to assist with rental needs prior to buying a house at https://buyeragentsearch.com/find-a-buyers-agent/
