Rents on the Rise

North End – Prince Street

Over the past couple of years rental rates have been steadily increasing in urban areas and especially in cities like Boston, New York and San Francisco. There has been a large surge in development for apartments throughout the country but experts say that the demand is still likely to outweigh the supply and rents are expected to continue to rise through 2013. Many of the development projects that are underway will not be ready for occupancy until 2014 or 2015 keeping the overall pool of available rentals low. This makes for an opportune time for investors to buy income generating properties and take advantage of record high rents. Rental rates are not expected to keep increasing forever and in some cities landlords have seen tenants decide to not renew leases due to the ever rising prices. Increasing rents will eventually turn some renters into home buyers due to historically low interest rates and the fact that in many cases the monthly cost to own is cheaper than continuing to rent. For information about buying investment property and taking advantage of the strong rental market contact CL Waterfront Properties, LLC.