Is it a good time to rent?

In real estate, we are fond of saying; “Now is a good time to buy”, but there have been better times to buy like in 2009 for instance.  Even though interest rates are low prices are sky high and rising and there is a scarcity of homes for sale.

A couple of years ago it was actually cheaper to buy than to rent. I have some clients who took advantage of that and are now homeowners.

Right now the vacancy rate in St. Paul for rentals is somewhere between 5.5 and 6%, which is up from less than 3% two years ago. Renting might also be a better option for people who really want to move this year.

As of 2019 about 51% of St. Paulites were renting.

Bleeding heart

 

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