Facts: Condominium loans represent only about 8 percent of total mortgages. However, CoreLogic says they…
Looking at overall data from last year’s market, home price gains have gone down while rent has gone up.
Since less people have been buying single family residences in last year, more people are renting. Lower supply and higher demand is contributing to rental increases from previous years. In 2017 rent grew by 2.8% compared to 2.9% in 2018. Furthermore, long-term rent has increased by 17% in the past 5 years.
Markets such as Las Vegas, Phoenix, and Orlando are experiencing the highest rental gains. These gains can also be attributed to higher employment in these areas driving new individuals into the market.
Home prices on the other hand have only gained 5.1% in 2018, representing the lowest gains since 2015.
With an oversupply of homes on the market, and less purchases, buyers have a unique advantage of negotiating prices on homes that have sat on the market for some time.