Landlords along the Grand Strand are finding that demand for apartments and rental houses is strong and high rents aren't deterring people from renting. But as rents continue to rise and and mortgage rates remain at near record lows, more folks are finding it's cheaper to buy than rent, if they can qualify for a mortgage. However scraping together a down payment to buy a home remains tough for many consumers and tight mortgage standards are forcing some who might like to buy a home to continue renting.
Part of the high demand for rentals is driven by changing demographics as many people like the flexibility to be able to pick up and move; the improving job market makes people think twice about putting down roots if they believe relocating will be a good career move.
What's the impact for the Grand Stand? If your job is secure and you're happy with the area, now is the time to buy; if you're looking for a better opportunity, keep renting. As the economy continues to improve, developers are dusting off those apartment projects they put on hold; once new units hit the market, rents will stabilize.
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