Wednesday, January 20, 2021 11:02 pm

Rising rent leads many to buy homes instead

AZBigMedia

Rising rent prices are pushing would-be renters to actually buy homes rather than rent apartments, condos or single-family homes in high-priced areas. And because of that, the resale and homebuilding market is benefitting significantly. This trend could be considered an inversion from what is common practice for the decision-making process in housing. Typically, renters are those who cannot obtain mortgage financing, or those who plan to move before buying a home would make long-term financial sense. But in this era of rapidly rising rents and ultra-low interest rates, a new type of buyer has been born – those who have given up trying to rent and decided to buy.

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