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Increasing Rents Could Be Good For Home Sales

  • February 24, 2012

by Erin Calandriello

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Rising rents may be irksome to many out there, but it could be good for home sales, Chicago Agent Magazine reported today.

From Chicago Agent:

According to Jay Brinkmann, Mortgage Bankers Association’s chief economist, the rising cost of renting, coupled with a surprisingly low number of renters who intend on renewing their leases (just 60 percent, according to a Kingsley Associates study), could equal a strong demand for housing when the weather warms in the spring. Brinkmann predicts sales of single-family homes in the second quarter to reach 4.39 million, while Mike Fratantoni, vice president of economics and research at the MBA, predicted a 10 percent increase in home sales in 2013.

Brinkmann did provide a caveat, saying that the housing market’s success depends mainly on economic growth.

This article originally published at http://chicago.urbanturf.com/articles/article/increasing_rents_a_blessing_for_sellers/5196

Tracy Dillard

Koenig & Strey

312-893-3557

Serving:

Bucktown

Lincoln Park

Lakeview

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