Should You Buy A Palm Springs Home Now? Where Are Palm Springs Rents Headed?
When deciding whether to buy real estate, one consideration will be the cost of renting an apartment or home. Where Are Palm Springs Rents Headed? Read on…..
Where are rental prices heading over the next few years? UP!
Rental prices can increase by about 3 percent annually but lately in the Palm Springs area, they have firmed up quite a bit.
Trulia just released the Trulia Rent Monitor how rents have gone up dramatically over the past 12 months.
“Nationally, rent gains continued to outpace home price increases in October, rising by 5.1 percent.”
Rental properties are still in short supply as so many were displaced during the housing crunch. Many lost their homes and turned to rentals for the time being. Long term, rental units increase by about 200,00 units per year. Going forward, those numbers will more than double to over 500,000 per year. That is HUGE!
Read the latest report, Multifamily Research Perspectives, from Freddie MAC
“Given assumptions consistent with economic growth slightly slower than long run averages, multifamily demand is likely to be in the range of 1.7 million net new renter households between now and 2015.”
The cost of owning a home will begin to increase as both prices and mortgage rates begin to inch up in 2013. The home prices in Palm Springs CA have already bottomed out and have inched up just a bit.
We STILL think that NOW is the perfect time to lock in your long-term housing expense by purchasing your own home, vacation rental, winter home or investment property.
Look what less than $250,000.00 will buy.
Call Us Today at 760-413-2871