Real-Estate Sales Are Booming. The Rental Market Is Following Suit.

Over the past year, real-estate prices in the US have increased by at least 10% (some are claiming it’s as high as 35%) across all 50 states. With this trend, many have been asking if the rental market is going to follow suit. According to RealtyTrac, housing prices in the US are expected to rise 5.4% in 2016 to an all-time high of $249,300.

The housing market is finally reaching a point of balance. After a brutal five-year housing crash, the real-estate market is finally showing signs of stability. With home values falling year after year, lease costs rising, and foreclosures on the rise, many people have turned to renting as an alternative to owning a home. But, for those who have been renting, have you been doing it right? If renting doesn’t work out for you, maybe it’s time to think about buying.

While many Americans are choosing to buy property as investments, many more are choosing to rent it out. More people are buying homes for their children’s college education than for themselves. And renters are, according to recent surveys, willing to pay more than $1,000 per month for a room in a top school district.

The refugee pandemic that has brought an influx of new residents to cities like Tampa, Florida, Austin and Detroit has changed the rental housing market. The low supply and the desire of many people to try out a destination before buying has led to a boom in rentals, in addition to the boom in the sales market. In Nashville, Tennessee, Shane Tallant of Village Real Estate is seeing a significant increase in interest in luxury real estate in the area, with many homes coming from California, New York and Illinois. We still have four seasons, no state income tax is a big advantage, the entertainment industry, the sports industry, the central location, he said. The growth is faster than anyone could have imagined. In Reno, one of the fastest growing markets, Rosie Booker of Sierra Sotheby’s International Realty has seen rents skyrocket. We find that demand increases when people are waiting to build a new house or when they can’t find a house because houses are selling for much more than they are asking and it costs a lot of money to make a down payment. So people are trying to rent while they are looking for a place to buy. She says a 1,500-square-foot house that was renting for $1,800 six months ago now costs about $2,500.

Five luxury rental apartments

This penthouse is located in the oldest skyscraper in Seattle.

Photo: Tim Van Asselt for Realogics Sotheby’s International Realty

Seattle // $17,000 a month

This penthouse is perhaps the most prominent rental property in town. This is the only private apartment in the Smith Tower, Seattle’s oldest skyscraper. The home’s 24 roll-up windows overlook Puget Sound and Mount Rainier with 360-degree views.

The 24 stained glass windows offer a 360 degree view.

Photo: Tim Van Asselt for Realogics Sotheby’s International Realty In the penthouse, many details from the construction period of 1914 have been preserved. From the apartment you have access to a glass ball from which you can see the whole city. The two-story unit has one bedroom and two bathrooms at 2,128 square feet and comes with two parking spaces. He is offered by Moira Holley of Realogics Sotheby’s International Realty.

This Nashville apartment has an open living room with exposed ductwork.

Photo: Heather Baker.

Nashville, Tenn // $12,000 a month

Fully furnished apartment located in the art district of the city. The boldly designed interior includes art-related decorations, such as portraits of Grace Kelly and Pablo Picasso, an open living room with fireplaces and a living room with shutters.

Furnished apartment located in Nashville’s artist district.

Photo: Heather Baker. Three bedrooms, four bathrooms and a half bathroom cover 4,600 square feet. Submitted by Shane Tallant of Village Real Estate.

There are five bedrooms in this Atlanta home.

Photo: Lance Bryant

Atlanta // $37,500 per month

Located in the Ansley Park neighborhood, this fully furnished five-bedroom, four-bathroom, and one partial-bathroom home is 4,226 square feet.

The house has a garden and a terrace.

Photo: Lance Bryant The brick home has a courtyard, patio with garden and fireplace, wine cellar and 14 foot high ceilings. The plastered walls give the house an old character. Submitted by Jason Cook of Ansley Real Estate.

This New Orleans home was once a tomato warehouse, bakery and theater.

Photo: CPAWS Real Estate Photography

New Orleans // $19,500 per month

The spacious 19th century French Quarter house. In the 19th century there was a tomato warehouse, a bakery and a theatre. With balconies connecting parts of the house and a courtyard with a pool and fountain, it retains a southern feel.

The house has four bedrooms.

Photo: CPAWS Real Estate Photography The home, located near the Mississippi River, has four bedrooms, four bathrooms and two half bathrooms in 6,155 square feet. It is offered for sale by Debbie Pregent of Latter and Blum Property Management.

This home in Newport Beach offers views of Catalina Island.

Photo: Pacific Sotheby’s International Realty

Newport Beach, CA. // $75,000 per month

This newly built oceanfront home takes full advantage of its views of Catalina Island and the surf spot known as Wedge. The terrace with spa and fireplace overlooks the ocean, and a glass wall opens the living room to the outside.

A retractable glass wall opens the living room to the street.

Photo: Pacific Sotheby’s International Realty The main room also has glass walls overlooking the balcony. The five-bedroom, five-part bathroom home is 4,128 square feet and is being offered by Tara Shapiro of Pacific Sotheby’s International Realty. Copyright ©2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8While real-estate sales are down nationwide, particularly in urban areas, they’re rising in some markets, leading to a boom in rental housing.. Read more about more realtors than homes for sale and let us know what you think.

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