Are you one of the many renters thinking about where you will move the next time your lease is up? Before you decide whether to look for a new rental, it’s important to understand the true costs of renting in 2022.
As a renter, you should know rents have been rising for decades. Further, the increase in 2021 was far greater than the typical rent increases we’ve seen in recent years. Adding fuel to the fire, most experts believe 2022 will see even higher increases.
That means if you’re planning to move into a different rental this year, you’ll likely pay far more than you have in years past. If you’re a renter facing rising rental costs, you might wonder what alternatives you have. If so, consider home ownership. One of the many benefits of owning a home is it provides a stable monthly cost you can lock in for the duration of your loan.
If you’re planning to make a move this year, locking in your monthly housing costs can be a major benefit. You’ll avoid needing to adjust your budget to account for annual increases.
Homeowners also enjoy the added benefit of home equity, which has grown substantially right now. If you’re thinking of renting this year, it’s important to keep in mind the true costs you’ll face. Connect with a local realtor to see how you can begin your journey to homeownership today.