Trulia recently covered the cost of renting and came to the conclusion “The Rent Is Getting Too Damn High”.
Anybody in the Greater Cincinnati area trying to find something decent to rent especially if they are on a budget will tell you- rental costs are high. And with the tight housing market (too few homes to sell) potential renters are looking at more hikes in rental prices this year. Cincinnati isn’t unique the map below shows the cost of renting across the country.
According to Trulia the shortage of rentable properties and the increased demand has driven Cincinnati’s average rent to $1300.00 per month. That’s a 30% increase during the last 5 years and 0.4% increase since last year. Making the decision between buying versus renting may be as simple as not wanting the responsibility of owning a home. For lots of renters, the cost of ownership becomes more realistic as rental prices increase and the need for more space becomes the number one priority.
While we’re in business to sell homes, the Multiple Listing Service of Greater Cincinnati offers rentals. Currently a mix of 176 homes, apartments and condos are available for rent with rents up to $2,000. a month. Another 57 places from $2,001 to $4,000.
Not sure which way is right for you? Check with a lender and your Realtor® before signing on the dotted line.
January 31st update- Cincinnati ranks #2 on most expensive rental markets. How Cincinnati Ranks