Rents increase when there is a strong demand in the residential housing sector that the supply has not been able to keep up with. Young people moving out of their parent's homes keep fueling the rental demand.
In a December, 2014 press release, Zillow's Chief Economist, Dr. Stan Humphries predicted residential rental prices will continue to climb in 2015:
"Home value appreciation will continue to cool down, from roughly 6 percent now to around 2.5 percent by the end of 2015. But rents will see no such slowdown, and will continue to grow around 3.5 percent annually throughout 2015. As renters' costs keep going up, I expect the allure of fixed mortgage payments and a more stable housing market will entice many more otherwise content renters into the housing market."
Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law, building code violations and estate planning. We are committed to providing you with expert legal support and approach every client with a focus on integrity, advocacy, and understanding.
At www.bradfordmillerlaw.com you will find helpful landlord information along with information about our firm. To discuss your pending or potential real estate transaction, your ongoing legal needs as a property owner or landlord, or your estate planning concerns, call us at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
Offering free legal representation to homeowners seeking a short sale
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