“More people are opting to live alone, and rising mortgage-interest rates are forcing would-be homebuyers to keep renting,” said Redfin deputy chief economist Taylor Marr. “These are among the demand-side pressures keeping rents sky-high. While renting has become more expensive, it is now more attractive than buying for many Americans this year as mortgage payments have surpassed rents on many homes. Although we expect rent-price growth to continue to slow in the coming months, it will likely remain high, causing ongoing affordability issues for renters.”

In some cities around the country, rent is up over 30%. Nashville, Seattle, and Cincinnati all saw 30% increases while Austin, Texas saw a whopping 48% increase. According to Redfin, this is the largest increase for any metro area since the data started getting collected in 2019. 

The top 10 metro areas with the fastest-rising rents year over year were Austin at number 1, followed by Nashville, TN; Seattle, WA; Cincinnati, OH and Miami, FL to round out the top 5. Fort Lauderdale, FL; West Palm Beach, FL; New York, NY; Nassau County, NJ and then New Brunswick, NJ finished off the top 10. 

The rent growth in Portland, OR fell below 30% for the first time since the beginning of the year which caused it to drop out of the top 10. Only three of the 50 most populous metro areas saw rents decline in May from the year prior. In Milwaukee, WI, rent fell 10% while Kansas City, MO and Minneapolis, MN saw a decrease of 3%. All three metro areas also saw decline in rent in April too.

Closer to home, the median monthly rent in Charlotte is a little over $1,800 a month in May. That is 8.7% higher than the same time a year before.

An indicator of affordable rent is if someone is able to spend no more than 30% of their income on housing. In order to be able to afford rent in the Queen City, that would mean a person would have to make about $73,000 a year.

The housing market having low inventory and increasing interest rates makes renting less expensive than buying for most. Currently Charlotte has about 81,000 units that are considered affordable. However, according to officials in the city, Charlotte needs an additional 32,000 available units in order to meet the demands.

The post Median U.S. Rent Surpasses $2,000 For First Time appeared first on Charlotte Real Estate.

Here are some tips to help you avoid becoming the next victim of a home rental scam whether you are the renter or the homeowner.

The landlord requests you to wire funds via MoneyGram or Western Union.

Most scams involve a request for you to wire funds, but you should think twice before wiring funds to anyone you havenâ€t met personally. Scammers are good at convincing unsuspecting people of reasons why they need to deal with you remotely. Likewise, do not accept wire funds that you did not initiate.

Long-distance renters

Many scams come from people in foreign countries who claim to be interested in purchasing or renting a home. Be wary of claims from people who are contact you from abroad because they are missionaries, U.N. workers or in the military. These types of renters do exist, but chances are theyâ€ll want to see the housing or meet you before there is an exchange of money. Likewise, be wary of long-distance landlords. An example of this scam is receiving communication that they are out of the country and need you to wire the deposit. Usually this scam works by requesting you wire the deposit and then theyâ€ll send you the keys.

Requests for personal or financial information

Do not give your bank account number or your social security number to unknown sources. You should first verify that they are a trusted source and then only provide the information sparingly.

If you find a fraudulent listing on a real estate page, craigslist or any other website advertising rentals, you should report the listing on that website. If you believe that you have been scammed, you should report the incident to the FTC immediately. If you sent money via MoneyGram or Western Union, report it immediately. If the recipient hasnâ€t collected the money yet there is a chance the company can reverse the transaction.

When reporting rental scams, it is important to include as much information as possible. You should include your name and the address of the receiver or any information you may have about the receiver. You should include any details surrounding the transaction. Itâ€s possible some of the information is fake but itâ€s worth a shot to possible catch these scammers.

If you notice or experience any red flags, the only saying still stands true: if it feels too good to be true, it probably is.

The post Tips to Avoid Becoming a Victim of Home Rental Scams appeared first on Charlotte Real Estate.