In the Reno-Sparks market rents are on the rise. There is no better time for renters to take a hard look at home ownership. If you have been renting and want to learn more about buying a home the Shocket Team can help. Reno-SparksRealEstate.com
According to RentJungle.com average apartment rent over the prior 6 months in Reno has increased by $49 (4.9%)
One bedroom units have increased by $68 (8.1%) and two bedroom apartments have increased by $53 (5%). As of May 2017, average apartment rent within the city of of Reno, NV is $1055. One bedroom apartments in Reno rent for $908 a month on average and two bedroom apartment rents average $1108.
In the Sparks market as of May 2017, average apartment rent within the city of of Sparks, NV is $1188 according to RentJungle.com. One bedroom apartments in Sparks rent for $897 a month on average and two bedroom apartment rents average $1241. The average apartment rent over the prior 6 months in Sparks has increased by $77 (6.9%)
One bedroom units have increased by $78 (9.5%) and two bedroom apartments have increased by $102 (9%).
According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?
Ralph McLaughlin, Trulia’s Chief Economist explains:
“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”
The article listed five reasons why owning a home makes financial sense:
- Mortgage payments can be fixed while rents go up.
- Equity in your home can be a financial resource later.
- You can build wealth without paying capital gains.
- A mortgage can act as a forced savings account.
- Overall, homeowners can enjoy greater wealth growth than renters.
Before you sign another lease, let’s get together and discuss all your options.