The eternal debate is whether to rent or buy. Currently, the purchase side is getting some points because nationwide rent prices are going up. Declining vacancies have been observed for months, as home sales get slower and slower. Landlords countrywide are only too happy to raise the rates, as the scarcity of the resource demands it be done. Article source - Rent beginning to rise nationwide as fewer buy homes by MoneyBlogNewz.

Get the apartment rented with no troubles

Bloomberg reports that there have been decreases in the number of rental properties available for over a year. The occupancy rate is very high. The vacancy rate throughout the nation is only at 6.2 percent total. There's a company called Reis Inc., which tracks real estate data throughout the nation. This company observed that there was an 8 percent vacancy rate in April 2010 which dropped to 6.6 percent by the time the year was over. The increased demand is thought to be mostly due to people in the 20 to 34 age group, according to Reuters. More individuals are being employed and need housing but are not in the market to purchase. There are always openings going on. It is harder than ever to discover a new apartment.

Pay more to rent

Property costs are going up while fewer rental properties are available. There is also an increase in nationwide rent averages. The Reis Inc. survey also stated this. About $991 is the average people pay right now for rent. A year ago, $967 was the price. The asking rent, which is what landlords advertise that they charge, rose from $1,027 this time past year to $1,047. Rent advertised went up $20. The actual rent paid went up $24 though. At this time, there are also fewer duplexes and apartment complexes being built. That signifies a higher rent in the future is very possible.

Getting incentives disappeared

Getting real estate is something Americans do not have motivation to do. It is really hard to get financing even though values are low along with interest rates. The Federal Reserve, according to CNN, observed that close to 25 percent of all applicants are turned away, and Fannie and Freddie will not back any loans to borrowers with a credit score of 760 or less. Most banks are hoping for a 20 percent down payment on homes as well. This is not a simple thing for Americans to do.

Information from

Bloomberg

bloomberg.com/news/2011-04-06/apartment-vacancies-in-u-s-fall-to-three-year-low-as-rental-demand-climbs.html

Reuters

reuters.com/article/2011/04/06/us-usa-apartments-idUSTRE7353CD20110406

CNN

money.cnn.com/2011/04/06/real_estate/why_you_cant_get_a_mortgage/index.htm