What’s a better indicator of a healthy rental market than higher prices for in-demand properties?
In the Dallas-Plano-Irving area, rents are on their way up to the tune of 19 percent over 3 years, according to the folks at Local Market Monitor. The real estate market analysis shows a period of slow growth during 2010, with 2011 and 2012 being largely flat. And then bam — the report says rents will skyrocket. It’ll be harder to find a good apartment, too, as vacancies are projected to get awfully low.
That’s a stark difference from what the report projects for residential sales. While growth is on the horizon, prices won’t increase at nearly the rate that rents are projected to rise.
My interpretation (full disclaimer: I am no expert!) is that it’s a good time to buy if you’re a first-time homebuyer and eligible for a tax credit. You can find a place of your own to build some equity and get out of your rental before prices get too steep!
What do you think?
— Daily Local Real Estate Dish By Dallas Real Estate Insider — Candy Evans at CandysDirt.com