Rental rates throughout the country rose for the 18th consecutive quarter, with the average rent in the second quarter of 2014 coming in at $1,099—a 0.8 percent increase from the first quarter and a 3.4 percent year-over-year increase. The data comes from real estate research firm Reis Inc.
Rent rose in all 79 areas that Reis studies. Seattle, San Jose, and San Francisco all saw rent raise by 6 percent in the past year.
“You have definitely seen that recovery now spread to all of the major markets around the country, even if some of them were laggards,” said Ryan Severino, a Reis economist. “It’s a very pervasive recovery.”
With the way rent continues to rise, it’s a great time to consider purchasing a home. Whether you’re a first-time buyer or looking to get back into home ownership, you can save a lot of money in the long run compared to continued renting. If you’re thinking about buying, talk to your trusted real estate professional and see if it’s the right time for you to make a move.
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