One of the most difficult aspects of selling your property is figuring out where you are going to move next. Most people want to buy another house, but it can be a frustrating desire in so many ways. According to RentBits, a rental search engine for apartments and rental homes, the average rental rates for Los Angeles have seen a slight increase October over September this year. Collectively, across all bedrooms, the average rental rate has risen from $1994 in September to $2020 in October.
"As demand for rentals begins to increase, and supply remains constant, average rental rates will continue to climb." says Dan Daugherty, CEO of rentBits. "In Los Angeles, our data shows an increase in rental rates for both Apartments and Single Family Homes."
In most other cities across the US, rental rates for apartments are seeing a slight decrease for the year. Much of this is due to a decrease in demand. Many renters for apartments are either moving into a single-family-home rental, moving back in with family or sharing rooms with friends. This transitional period has put downward pressure on most apartment rental rates.
Do you believe this? Iâ€™m not sure, myself, but then I donâ€™t deal with rentals very much. Check out the listings for yourself at www.RentBits.com. Other online resources for rental listings and information include www.Rent.com, www.Craigslist.com, and www.WestsideRentals.com.
One of the most difficult aspects of selling your property is figuring out where and how you are going to move next. Most people want to buy another house, but it can be a frustrating desire in so many ways, unless you have at least 20% down for the new house and can qualify for mortgages on both your new and your old house together. Sellers today donâ€™t want to accept an offer that includes a contingency that the buyerâ€™s house has to sell and close escrow in order to complete the purchase. The most desirable properties go in multiple offers, often to the highest all-cash offer. Certainly those prime properties donâ€™t sell to a contingent offer. So what to do? Sell, close escrow, and rent until you can purchase a home with no such contingency. I know, no one wants to have to move twice. No one wants to sell with no idea whatâ€™s next. If you want to move to a specific neighborhood, finding the right place can be a long term proposition. In this situation, you might be renting for quite some time. But sometimes you need to sell and just rent for awhile, and it might be comforting to see that itâ€™s quite possible.
What have you seen out there in the home rental market? Do you have any insights youâ€™d like to share?