Very recently, the housing market has been a home-buyer’s dream, but as the market slowly inches its way to recovery, prices are sure to rise. One area that has already seen a tremendous change in price is the rental market.
According to a study recently published by Trulia, an online real estate site, rental prices across the nation have increased by 5.4 percent since last year.
Claiming the number one spot for the largest metropolitan area with the steepest rent increase -- Fort Worth.
Rental prices in Fort Worth soared by over 15 percent since this time last year, according to the report.
Another study by Trulia suggests that buying a home is cheaper than renting in 98 out of the 100 largest metropolitan areas.
The state of the economy has placed renters and potential homeowners in a vicious cycle.
Homeowners who look to selling their homes in order to rent find themselves paying more. Renters who are looking to buy may find themselves unable to get a mortgage, as lenders are increasing stipulations for borrowing.