Demand for rentals outpacing that of homeownership

Rental demand is outpacing homebuying demand currently.A recent article in the MetroWest Daily News relayed that demand for rental properties has exceeded that of homes recently, with an increased thriftiness of consumers and the nation's rising unemployment rate contributing.A Realtor speaking to the the news source explained that the rocky economy has created the current conditions, and that rentals have continued to experience an “up and down” market.However, while interest rates for mortgages remain low, and home prices continue to decline, more potential renters may be drawn to buying instead.”I think renting, versus buying, is your best bet if you're at an older age and you don't have kids,” Realtor Rhonda Gidney told the news source. “But if you're young, and you've got a stable job that you know is going to be there for a while, it's probably to your advantage to buy something. If you're in the market, if you have some money to buy right now, that's probably your best bet because you can get a steal right now.”In Texas, however, unemployment doesn't reflect the national trend. With a significant number of the country's Fortune 500 companies located in the state, the job market has been steady, if not improving. Thus, while Houston properties have averaged a reasonable rental price, the costs of homeownership may be more affordable for many.Courtesy of 2M Realty News

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