Rents for apartments around the country continue to climb higher and higher. These apartments and their high rents may be beginning to price themselves out of the market as more and more people are citing high rent as the main reason for looking to purchase a home.
In fact, high rent has encroached upon life events (think the birth of a child or marriage) as one of the top reasons for leaving the renting lifestyle and jumping to homeownership. According to HousingWire, 24 percent of the 750 homebuyers who were surveyed in a February 2016 poll said the high rent of their apartments was the most influential factor in their decision to buy. Some 29 percent reported life events as the most influential factor.
This number of one in four is up from the one in five buyers in November 2015 who cited high rents and from one in eight from August 2015. Rent appreciation is expected to cool down in 2016, finally, but its effect on renters will be minimal, as many will still have trouble trying to keep up.