The new wave is renting, and that is because of the level of foreclosures. I am sad to say that it seems our housing market is working opposite of what it should be. The sad part? Those who were unable to stay in their homes are now going to be paying someone else’s mortgage rather than their own, and they aren’t going to be saving a heck of a whole lot. The demand on renting is going up and therefore the affordability of renting is going down.
Why Rent is Going Up
Rent is going up for complexes and for those who are renting out houses, simply because they know they can increase the prices and many are seeking shelter now that they can no longer stay with their relatives. Houses are getting cramped with family members taking people in, and as modifications don’t get approved. Families have been planning to look for apartments as they see their foreclosure under way, meaning they had to go and start looking quickly, so they could get everything moved out. Renting will be more expensive than in the past, but with so many foreclosures being lined up families just don’t have a choice.
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