Rental Rates | Market News & Stats Blog

Friday, December 27, 2019   /   by Laura Lynn

Year-Over-Year Rental Prices on the Rise

Looking ahead, 2020 is projected to be a strong year for homeownership. According to the Freddie Mac Forecast,


“We expect rates to remain low, falling to a yearly average of 3.8% in 2020.”

If you’re currently renting, 2020 may be a great time to think about making a jump into homeownership while mortgage rates are low.

As noted in the National Rent Report,


“the national rent index increased by 1.4 percent year-over-year.”

With average rents on the rise, this year-over-year increase may not sound like much, but it can add up – fast. The math on how much extra it will cost you over time surely doesn’t lie.

Here’s an example: On a $1,500 rental payment, an increase of 1.4% adds an additional $21 dollars per month to your payment. When multiplied by the twelve months in a year, it’s a $252 overall annual increase. The price continues to multiply when you rent year after year, as renta ...

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  home buyer, northwest real estate, real estate market statistics, buy vs. rent, rental rates