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Increasing Rents Could Be Good For Home Sales

  • February 24, 2012

by Erin Calandriello


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.

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