March 28, 2024
More home investors get into rental business
SOUTHLAND – (INT) – Surging prices are forcing more families away from homeownership and into rentals. And, the change is not coming cheap.

Nick Grotjahn at RealFacts is tracking the shift.

“Homeownership was siphoning off some of the renters, but that’s changing because of the rising appreciation of home prices and interest rates going up the past year. Rental rates have surpassed those of the pre-housing bust years.”

Average rents in the Inland Empire dropped to about $1,000 a month in 2010. The first quarter of this year, it rose to $1165.

Rent growth for the inland region was the fifth highest in the West rising by $23 a month.
Story Date: April 27, 2014
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