The homeownership rate has recovered
somewhat from the post-crisis low of 62.9%, but still remains well below the peak of 69.1%. And as consumers are challenged by rising home prices and low inventory, some would-be buyers are continuing to rent longer than anticipated due to issues of affordability and demand.
While staying put in a rental unit may be a momentary fix, renters are still plagued by unique challenges. The rental market changed in many ways last year, signifying that renting isn't as appealing as it once was.
The average renter paid $400 more over the course of 2017, or about $33 per month, according to a RentCafe report. That's an increase of 2.5% from 2016.
Prices for apartment types varied, with the cost to rent for one-bedroom units growing the most, and the average monthly price for studios rising the least.
The nation's hottest markets faced a slowdown in annual rental price appreciation, with rent in small cities soaring in 2017. Rent in Manhattan and Brooklyn declined by 1.7%, while the cost to rent in Odessa and Midland, Texas, leaped 33.6% and 28.2%, respectively. This means renters in these small cities paid over $3,400 extra in rent in 2017.
Of all large cities, Las Vegas posted the most accelerated annual growth in rent for 2017, where prices rose 6.3% to an average cost of $934 per month.
With the cost to rent growing nationwide in 2017 and even soaring in the smallest of cities, here's a look at eight signs renting just isn't appealing anymore.
RentCafe reports are based on data from Yardi Matrix, an apartment information service and sister division of RentCafe.