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November 10th, 2021 2:27 PM by Barbara Doeringer
ROUGH FOR RENTERS
According to Lawrence Yun, National Association of Realtors chief economist, the rental market is heating up just like sales, which will put added pressure on people trying to save for their first home. Rental listings are attracting multiple offers and apartment vacancy rates are approaching record lows. This is driving rent prices higher and higher.
First, the job market is finally improving and recovering after the pandemic lockdown so more young people are looking for their own place. Second, many potential first-time buyers have been priced out of the market. The median existing home sales price was up 25% over last year at this time. The boon for owners has caused serious anxiety for nonowners. The number of mortgage applications for first-time buyers has fallen drastically.
Some good news is that Fannie Mae will soon consider rental payment history in qualifying borrowers. This will help enlarge the pool of eligible buyers. But the problem of a housing shortage still remains.
New construction alone will not fill need the need. It is essential that rehabbing dilapidated homes and repurposing commercial buildings into residential units is needed to help with providing more affordable housing options. America needs more homes and that is going to take time.
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