Rising rents may encourage homeownership in Raleigh-Durham
Now may be a better time than ever to consider purchasing real estate in Raleigh-Durham as rents rise around the country. A recent report from Bloomberg states that apartment rents in the United States climbed the most they have in almost five years in the second quarter of 2012. Landlords are charging tenants more as vacancy rates continue to fall.
Reis Inc. (REIS), a real estate research firm based in New York, revealed that the average rent in the U.S. rose from $1,041 a month from $1,028 in the first quarter 2012 and $1,006 from the previous year. This gain in the last three months was the biggest since 2007, states the publication.
Don't pay a fortune to lease or rent a home in the Triangle. Instead, consider taking advantage of the strong local housing market by purchasing one of the homes for sale in Raleigh-Durham. According to the Triangle Business Journal, the median sales price of a home sold in the area last month was $198,718 and houses were on the market for an average of 115 days before being sold - making it a good time to invest in local real estate.