An Apartment List study found that apartment living is simply not affordable anymore. Even in older apartment buildings, the rent is regularly higher than the price of a monthly house payment. Actually, among older rentals, the cost of rent has been increasing the fastest! That is not the way the rental market works in a healthy rental market.
Right now, the percentage of rentals less than 10 years old in the national market is under 10 percent. A few decades ago, it was nearly a quarter of the market. Most renters are living in older apartments. Homes that are over three decades old make up 66 percent of the rentals. Back in 1980 when the rental market was healthier, rentals over three decades old made up just 41 percent of the rental market.
When people are paying more in monthly rent costs than they would for a monthly house payment, and the apartments are aging fast, there’s little reason to rent. There is more incentive to buy. Unless the freedom of a rental is needed, buying makes even more sense than it used to in this rental climate.
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Are You Buying a Home on Marco Island?
Considering buying a home on Marco Island? We’d love to help you find one that’s just right for your needs.
First, check out available Marco Island area properties using this helpful search tool. If it’s easier, you can just call us at 239-821-7926 or get in touch with us online to let us know what you’re looking for. We’re happy to contact you however you prefer. Then, we’ll start searching our databases right away using criteria you specify!
In the meantime, you can also easily explore Marco Island real estate by price:
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