Baity Team

On Wednesday, the Federal Reserve lowered interest rates on mortgages by 0.50 percent points. This reduction will help consumers. The Fed is expected to meet two more times this year and it is anticipated that interest rates will decline further. This is welcome news to home buyers who have put off a home purchase due to high interest rates.

What to know about renting:

Fall and winter are seasons when most people do not want to move. This is the shoulder and slow season for rentals. The good news for the consumer is that you have higher negotiating power as property managers want to have their buildings full going through the winter months.

A recent post from Zillow gives some insights into concessions you might want to negotiate for:

Rent Concessions: As the rental market cools, a third of property managers are offering concessions, such as free rent or parking, to attract tenants. Despite a slight slowdown in rent growth, with a 0.4% increase in July to $2,070, the share of rental listings with concessions has risen to 33.2%, up from 25.4% last year. This trend is driven by a surge in multifamily construction, providing renters with more options and spreading demand. While these perks improve short-term affordability, rents continue to rise at a slower pace, keeping affordability within reach for many renters. (Zillow)

Please reach out if you have any real estate questions. We would love to help.

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