At Extreme Investor Network, we understand that navigating the real estate market can be daunting, especially in the face of rising mortgage rates and housing affordability challenges. That’s why we’re here to provide you with expert insights and unique information to help you make informed decisions about your personal finances.
In recent years, there has been a noticeable increase in the construction of single-family homes built specifically for renting purposes. According to the National Association of Home Builders (NAHB), this trend is on the rise due to the growing demand for affordable housing options. As mortgage rates climb and buying a home becomes more challenging, renting has become a more viable option for many individuals.
In the first quarter of 2024, construction began on approximately 18,000 single-family, built-for-rent homes, marking a 20% increase compared to the same period in 2023. As a response to the housing affordability crisis, more people are turning to the rental market in search of suitable living arrangements.
“We are seeing this growing move towards having built-for-rent properties in the U.S.,” said Jessica Lautz, deputy chief economist at the National Association of Realtors (NAR). This shift is driven by the needs of individuals who cannot afford the current high prices in the housing market.
As the demand for built-for-rent single-family homes continues to grow, it’s essential for potential renters to carefully consider their options. Factors such as rental prices, mortgage rates, hidden costs, and property maintenance should all be taken into account when making decisions about renting versus buying.
At Extreme Investor Network, we encourage you to think critically about your financial situation and long-term goals before making a commitment to renting or buying a home. By understanding the market trends and considering your budget and future needs, you can make a well-informed decision that aligns with your personal finance goals.
Remember, personal finance is all about making smart choices that support your financial well-being now and in the future. Stay tuned to Extreme Investor Network for more valuable insights and information to help you navigate the complex world of personal finance with confidence.