Property Management Blog

The Housing Market- Why Rent Now in 2024

The Housing Market- Why Rent Now in 2024

In the current landscape of real estate, the decision to rent or buy a home requires careful consideration from now on. With the fluctuating market conditions, housing is becoming a luxury good, and for that reason, many individuals are reevaluating their housing choices. Because of the above, in this blog, we will delve into the reasons why renting could be the optimal choice in today's housing market in 2024.

What is happening in today's real estate american market?

  • The median sales price for existing homes rose more than 40% from early 2020 to mid-2022, to a seasonal above $400,000, according to the information of the National Association of Realtors, numbers that are rising at the present.

    North Americans have long considered home ownership as their first investment, which is understandable when you know that two-thirds of Americans own at least a home.

    Although for many people, it is not a matter of choice, yet in today's real estate market, renting seems an increasingly better option.

    An analysis conducted by in 2023 revealed that renting was cheaper than buying in 47 of the 50 largest metropolitan areas, specifically areas such as Pittsburgh; Memphis, Tennessee; and Birmingham, Alabama.

    It’s a great time to rent. The costs of homeownership have turned to low costs. In most of the nation’s largest cities, renting is now far cheaper.

    To exemplify in that report it mentions that in Austin, Texas, the monthly cost of buying a starter home was $3,946. Being more than double the monthly cost of a rental, that is on average $1,670, generating a monthly savings of approximately $2,276.

So what are the benefits of renting now?

  • At this time, a large upturn in rents is not expected in the coming months due to the increased construction of rental housing. For this reason, people who rent can take advantage of the fact that rents may go down or possibly stay flat.

But renting has other advantages, and these are three of the reasons to do so:

Three Benefits of renting

  1. Flexibility in Uncertain Times.

  • With economic and geopolitical landscapes constantly evolving, renting provides a level of flexibility that owning doesn't offer. In uncertain times it's an advantage having the freedom to easily relocate for new opportunities or in response to changing circumstances can be invaluable. Whether it's a job offer, an adventure in a different city, or a desire to move closer to family, renting allows you to adapt quickly without the long-term commitment.
  1. Access to different locations.

  • North America has a wide variety of cities. Renting allows people to live in different locations that may be out of reach financially for homebuyers or simply impractical for those who prefer not to commit to one place long-term. Whether the dream is to live in a metropolis like New York or prefer the coastal tranquility of California, renting provides the opportunity to experience different environments without the commitment of buying.
  1. Financial Prudence:

  • Renting can often be a more financially prudent option, especially now with markets with real estate prices elevated relative to rental costs. Renting can provide a sense of financial stability and flexibility by eliminating the need for a large home purchase investment, allowing you to put your savings toward other priorities such as savings, at least while home prices continue to rise.


So, Rent or Buy? In conclusion, in the present year, the decision to rent or buy a home is influenced by several factors in the market, such as lifestyle preferences and financial considerations regarding high purchase costs. While homeownership remains a goal for many Americans, renting offers certain advantages in today's housing market. From flexibility and affordability to diverse housing options, renting provides individuals with some financial freedom needed to afford real estate today. Based on all the information in the market, considering the benefits of renting may be the key to achieving housing goals in 2024 and beyond. If you're seeking a management company that aligns with your vision for success in real estate, look no further. Explore the Vision Realty & Management advantage by visiting our website at Vision Realty Management or give us a call at 678-390-5727. Let's embark on a journey of exceptional property management together.

Author: Lehman Smith