Rents rising faster than mortgage payments

Green Escrow | Rental

According to a new report by Zillow, in the 50 largest U.S. metro areas, 33 have rents that are higher than monthly mortgage payments. As nearly 52 percent of all employees are at least partially working remotely, many are finding that they can rent out their current home and live whereever they wish.

Currently, single-family homes make up approximately one-third of the nation’s rentals. 70 percent of rental properties are owned by individuals.

Of course, rentals slowed dramatically after the onset of the pandemic but rents are up in all major 50 metros.