It depends who you ask. Ask an apartment owner and a real estate agent the same question and there is a good chance will get two completely different answers. Â The real estate agent will tell you that interest rates are historically low and with deflated home prices, there has never been a better time to buy. Although this may be true, this is just part of the picture.
What’s missing is that home values are not increasing, and a rapid recovery is not in sight. Even though the entry price for home ownership is low, the regular and unknown costs of owing and maintaining a home remain high. There is no doubt it costs much more to own a home than to rent St. Louis apartments, and you never know what kind of surprise is around the corner.
St. Louis apartment owners will tell you that there has never been a better time to rent. Even though vacancies are at ten-year lows and that rents are on the rise, it is perfect for those who want to live in a good neighborhood, fix their expenses, save money, while maintaining the flexibility to move at the end of their lease – no strings attached, no short sales, no negative tax consequences and no brokerage fees or closing costs.
Don’t take our word for it, check it out yourself. In May 2011, the New York Times published a very interesting article on this subject. The article is worth reading and the interactive Rent vs. Buy calculator will help you to better understand and determine the long and short term advantages of renting.
Unless you are planning to remain in the same location for 5 years or more, you will quickly determine that there has never been a better time to save money and rent St. Louis apartments.
In a recent article posted on STL Today, Jim Gallagher highlights an interesting trend in the St. Louis housing and rental markets. The article notes, “Rents are up because vacancies are down, and landlords are finding it easier to fill their apartments. The metro area vacancy rate is 5.8 percent, the lowest in 10 years…”