Rent or buy? It’s a question that only the individual can
determine.
As of December 2013, existing home sales had risen to the highest
point in seven years and median prices continued to show strong growth. However,
over the last year rental property prices have gone down .23% and over the last
three years tenant pricing has gone down 1.23% on average.
This is a pretty
strong trend towards rental property across the board becoming more affordable.
So, the next question is: when is the best time to start looking for a new
place before turning in the keys on the old one? This is a difficult question
since there are many variables that can determine how long the process takes.
For example, is the place currently uninhabited?
What about your backgroundcheck? Is it clean? Background checks can take as long as the people performing
them allow. Many rental properties have shifted their process to utilize one
stop background checks in order to speed up the process.
The general consensus
is that a little over a month out from moving day is probably ideal. In the
rental business the sooner the property is filled, the better. That means that
generally speaking, all of the pressure is on the renter. They need to get
packed, forward the mail, organize movers and moving trucks, etc. which can
certainly be an arduous task.
Statistics show that 1 in 6 Americans move every
year, most American will move at least 11 times in their lifetime; that is a
huge chunk of time preparing to pull up stakes only to do it again in a few
years.
It would behoove most Tenants not to stay in one place for a while, get
the most that they can from the lower rental rates and then try their luck in a
different place.
Statistics from www.trulia.com
Statistics from www.trulia.com
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