By Vestpro Residential Services, LLC
HOUSTON – Thanks to the recent rental market news from the U.S. Labor Department we know that rents continued to increase by 3.5% year-over-year in the month of May 2015.
Rent is without a doubt one of the biggest costs consumers nationwide have to pay while food prices have also risen by 1.6 percent as well during the same period of time but one interesting thing to report is that clothing costs have decreased by 1.5 percent.
What Does This Mean To You?
One of the good things about the current economy is that after the recent havoc the economy has seen in the China and United States most economists and investors are predicting we’re not going to see an increase in mortgage interest rates this year and what’s shocking is that we could even see them lowered to 0 percent.
These factors mean that NOW is a great time for you to buy a rental property in Houston or elsewhere across the United States if you’ve been thinking about adding property to your portfolio.
How to Get Started With Buying Rental Property
To get started with buying rental property in Houston Texas or elsewhere across the United States make sure you do the following:
- Know what type of rental property you are searching for (example – 3 bedrooms, 2 bathrooms or 1,200 square feet). This step is important because knowing your ideal rental property will keep you from buying a more expensive rental because it has better features.
- Establish your budget and know the costs – This step is vital because it’s easy to go over budget when buying rental property and you will quickly realize that you can’t charge enough rent to cover your costs.
To learn more rental market news, or to speak with us about our property management services contact us today by calling (832) 498-0016 or click here to contact us online.