Higher Rents Influence Decision to Buy

The single-family rental market has seen an unprecedented boom in popularity in the last two years for a number of factors, one being the lack of available housing inventory for sale. The result of the boom has been an increase in rents, and this increase is influencing renters to become homebuyers, according to a survey from Redfin. For Q1 2016, 25 percent out of the 750 homebuyers surveyed said that the rising cost of renting was their main motivation for purchasing a home, while 29 percent said that life events such as marriage or the birth of children were the biggest influencer in their decision to buy. Read more.