• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Alex Pavlenko

Vancouver - Portland Real Estate

  • Search
  • Buy
  • Sell
  • Resources
    • What’s My Home Worth?
    • Seller’s Guide
    • Buyer’s Guide
    • Buyer’s Packet
    • For Sale By Owner Guide
    • Clark County Guide
    • Home Service Pro’s
    • N. Portland Guide
  • Blog
  • (360) 205-5901

Year-Over-Year Rental Prices on the Rise

December 26, 2019 by Alex Pavlenko Leave a Comment

Year-Over-Year Rental Prices on the Rise | Simplifying The Market

Looking ahead, 2020 is projected to be a strong year for homeownership. According to the Freddie Mac Forecast,

“We expect rates to remain low, falling to a yearly average of 3.8% in 2020.”

If you’re currently renting, 2020 may be a great time to think about making a jump into homeownership while mortgage rates are low.

As noted in the National Rent Report,

“the national rent index increased by 1.4 percent year-over-year.”

With average rents on the rise, this year-over-year increase may not sound like much, but it can add up – fast. The math on how much extra it will cost you over time surely doesn’t lie.

Here’s an example: On a $1,500 rental payment, an increase of 1.4% adds an additional $21 dollars per month to your payment. When multiplied by the twelve months in a year, it’s a $252 overall annual increase. The price continues to multiply when you rent year after year, as rental prices rise.

History shows how average rental prices have been increasing each year, and there doesn’t seem to be much end in sight. Here’s a look at how rents have grown since 2012 alone:Year-Over-Year Rental Prices on the Rise | Simplifying The MarketWhy not lock down your monthly housing expense, and at the same time build additional net worth for you and your family? If you’re thinking about buying a home, consider the financial benefits of what homeownership can do for you, especially while the market conditions are strong and current mortgage rates are low.

Bottom Line

With average rents continuing to rise, now may be a great time to stabilize your monthly payment by becoming a homeowner and locking into a low mortgage rate. Let’s get together to discuss how taking advantage of the current market conditions might work for you.

Filed Under: Real Estate, Rentals

More Posts

What Experts Are Saying about the 2021 Job Market

Owning a Home Is Still More Affordable Than Renting One

Should I Wait for Lower Mortgage Interest Rates?

How to Make the Dream of Homeownership a Reality This Year

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Footer

Alex Pavlenko
Realtor

Connect with Alex

  • Email
  • Facebook
  • Instagram
  • Phone

Other Resources

  • Clark County Guide
  • Clark County Home Valuation
  • My Biz
  • Home Service Pro’s

Mobile Scan & Share

QR Code
  • eXp Realty
  • 13011 NE Fourth Plain Blvd Suite 106, Vancouver, WA 98682
  • (360) 205-5901

RSS Clark County Insider | Podcast

  • Kevin The Berner (Virtual Therapy Dog) - Creating smiles, one human at a time September 24, 2020
  • ZootScoot - Vancouver, WA September 15, 2020
  • Be Well Juice Bar - Vancouver, WA September 7, 2020

Community Guides

  • Home
  • Blog
  • Contact Alex
  • eMail: AlexPavlenkoRealtor@Gmail.com
  • Call/Text Alex: (360) 609-6937

Copyright © 2021 · Alex Pavlenko Realtor · RE/MAX Equity Group · Log in
The trademarks RMLS®, Regional Multiple Listing Service®, and the associated logos are owned by RE/MAX and it's affiliates.