Looking to rent? Try …

Green Escrow | Rental

While renting certainly isn’t cheap – the median rent in the 50 largest metro areas was $1,732 in May – there are five cities where rentals are very reasonable.

  1. Oklahoma City, OK – $1,009
  2. Columbus, OH – $1,184
  3. Memphis, TN – $1,224
  4. San Antonio, TX – $1,232
  5. Louisville, KY – $1,236

Lets go to the beach!

Green Escrow Services | vacation home

Summer is right around the corner and it’s time to start thinking vacation! And then , of course, it’s time to think, but how are we going to pay for it?”

Here are ten reasonably priced summer spots with the average day rate.

  1. San Juan, Puerto Rico – $198.52
  2. Upper Peninsula, Michigan – $231.00
  3. Cambridge, Maryland – $236.25
  4. Gulfport / Biloxi, Mississippi – $237.00
  5. Michigan East Coast – $253.89
  6. Rio Grande / Fajardo, Puerto Rico – $264.96
  7. Daytona Beach, Florida – $267.15
  8. Port St. Lucie, Florida – $274.23
  9. Myrtle Beach, South Carolina – $280.47
  10. Jacksonville, Florida – $280.60

You can save if you’re a renter

Green Escrow Services | Rent or Buy

Rents are dropping in 50 of the largest metropolitan areas (now 7 months in a row). These 10 areas are where renting is the considerably cheaper than buying a starter home (the actual percentage is included).

  1. Austin, TX – 141%
  2. Seattle, WA – 121%
  3. Phoenix, AZ – 99%
  4. San Francisco, CA – 95.5%
  5. Los Angeles, CA – 89.7%
  6. San José, CA – 86.7%
  7. Nashville, TN – 86%
  8. Portland, OR – 84.4%
  9. Sacramento, CA – 82.1%
  10. Houston TX – 80%

Single and renting? Try …

Green Escrow Services | Home Technology

Single young professionals like to live where there are other single young professionals, preferably where the rent is not exorbitant. And so we have the top metro areas for young professionals (including median rent):

  1. Minneapolis, MN – ($1, 525)
  2. Madison, WI – ($1,550)
  3. St. Paul, MN – ($1,167)
  4. Pittsburgh, PA – ($1,395)
  5. Cincinnati, OH – ($1,250)
  6. Atlanta, GA – ($2,100)
  7. Denver, CO – ($2,000)
  8. Lincoln, NE – ($1,100)
  9. Seattle, WA – ($2,050)
  10. Columbus, OH – ($1,360)

Rents continue to rise

Green Escrow | Rental

Even as the housing market is slowly improving – lower mortgage rates, increasing inventory, stabilizing prices – the rents continue to rise, directly impacting lower-income families. Analysts say the country is about 6.8 million affordable units short of what’s currently needed.

Even so,  evictions were much lower than anticipated after the federal moratorium on evictions in August, 2021.

Finally, many current renters would be homeowners if they could afford it. Hopefully, as housing conditions improve, renters will be able to buy, thus freeing up rental units.

It’s cheaper to rent in …

Green Escrow | Rental

This list doesn’t mean the rents are cheap; it just means they’re cheaper than the costs to buy, which are exorbitant (especially the California metro areas).  The percentage is the percent difference between the median cost to buy and the median cost to rent.

  1. Austin, TX                      136.3%
  2. San Francisco, CA         101.6%
  3. Columbus, OH                101.1%
  4. Sacramento, CA              99.1%
  5. Los Angeles, CA              96.1%
  6. San José, CA                   95.5%
  7. Portland, OR                    93.9%
  8. Boston, MA                      93.8%
  9. Seattle, WA                      91.7%

Bay Area rents continue dropping

Green Escrow | Rental

For the seventh straight month, rents in the San Francisco metro area declined. In the East Bay,Contra County saw rents drop 4.9% over last August while Alameda County rents were down 4.5%.

Analysts attributed in increase in housing supply – particularly in Berkeley – as a strong factor in the declining rents.

However, its important to remember that Bay Area rents are still very high and out of reach of many low-income residents.

Rents are … falling?!

Green Escrow | Rental

For the first time since the pandemic – yes, 2020 – rents dropped 0.5% year over year in May in the 50 largest metro areas according to realtor.com. And, while the forecast for the remainder of 2023 is a modest 0.9% decrease, it is certainly welcome relief for many renters.

Moreover, it’s anticipated that more rental units will be available this year and next as would-be buyers wait out the housing market.

Rents are falling fast in …

Green Escrow | Rental

Continuing with our ongoing series of metro pricing trends, here is the latest list of ten areas where rents are falling the most:

  1. Las Vegas, NV
  2. Riverside, CA
  3. Phoenix, AZ
  4. Austin, TX
  5. Tampa, FL
  6. Charlotte, NC
  7. Atlanta, GA
  8. Denver, CO
  9. Seattle, WA
  10. Virginia Beach, VA

Rents drop, vacancies rise

Green Escrow | Rental

Rents declined – albeit a slight 0.7% – in May and in 13 of 15 tracked California counties in the past 12 months. This is the first decline on a year-over-basis since April 2021.

Moreover, vacancies increased to 5.4% of units, the highest percentage since March 2021 and in all 15 counties.