How do we Know the Rental Market is Hot?

You may hear people say the rental market continues to be a hot one right now but do they know the numbers? The amount of rentals listed on the MLS system right now is roughly 2,196 (single family homes). This may seem like a lot but when you consider the average is typically 4,000 - 5,000 you can see we are in short supply. Affordable rentals are going quickly as the ones left are rather expensive averaging $1,922/month. At that rate it seems quite silly to rent when you can buy a home for a mortgage much less than that. Sometimes it pays to pay your own mortgage vs. someone else's (aka renting).
If you would like more information on buying vs. renting please don't hesitate to contact me. You can find me on Facebook at https://www.facebook.com/KimberDevoeHomes.