Modern Times Homes has been in the real estate business for many years, but this is the first time we see a huge spike in rising rents across the country.
“Rental prices across the country have been rising for months, but lately the increases have been sharper and more widespread, forcing millions of Americans to reassess their living situations.” Mentioned in this article.
Raising rental prices could be bad as well as good, depending on which side of this situation you are placed. Of course, if you are an investor who owns a lot of rental properties, there is nothing to worry about. Your mortgage payment will stay the same while you will raise the rent prices on your properties, benefiting you by having more money cash flowing monthly. Downturn of this situation is that you will have to rotate your tenants. Current tenants will probably be unable to afford their current place, forcing them to move.
On the other hand, if you are a renter, this isn’t good news at all. You will probably be still staying at your current job, meaning you will still be making the same amount of money, but the place you live in will be more expensive. You will either have to find a better job that would help you pay current rent, or find a new place, smaller and cheaper. Also, in this situation, maybe a good idea would be to find out if you qualify for purchasing your own place and becoming a homeowner. Sometimes mortgage payments are less than the rent payments. This could be a good opportunity for many tenants to realize that and dig in more into this topic.
“Rents really shot up in the second half of 2021. The pandemic was kind of a pause on the economy and now that things are reopening, inflation is picking up, rents are going up and people are realizing they don’t have as much disposable income as they might have thought they had,” said Daryl Fairweather, chief economist at Redfin.
If you are a homeowner that is tired of dealing with your disrespectful tenants, and you are ready to sell your investment properties feel free to call us at 847 242 2212 for no obligation cash offer. We are professionals that close fast, leaving homeowners with hassle free transactions. Best part of working with us is that we buy As-Is properties, so you don’t have to worry about cleaning or fixing anything after your tenants. We will be more than happy to do it for you.