So you’ve been living on your own for quite some time, huh? But, it’s starting to be super expensive and the economy is just not helping, so taking on a roommate seems like a great idea. Although you feel like this is the worst thing since your third grade school pictures, it really isn’t. There are so many benefits to having a roommate(s) that your decrease in personal space really won’t be as bad as you think.
For Green, the magic number is six at current interest rates. Here’s what that means: Find a rental property that’s comparable to the property you’re thinking of buying. Figure out how much it costs to rent annually; if the rent is $2,500 a month, you’re spending $30,000 a year, or 6 percent of $500,000.
A curious thing happened during 2007 while the mortgage market was imploding: Median apartment rental prices in major cities shifted dramatically, dropping by up to nine percent in some markets —
Investment Instruments Corporation (IIC), the only company devoted to increasing transparency in the real estate market, today released its Q1 Rental Report for 2008, comparing rental rates in Q1 2007 with Q1 2008.
Yesterday we released a new Rental Data tool on MyApartmentMap. You can use this tool to find the average rents in almost any area. You simply go to the city your interested in, for example you might want to see New York City Rental Statistics, and drag the marker around to see the minimum, maximum and average rents in that area.