Skip to main content

Renters Save Money by Renewing Leases Instead of Moving

Phil Hall
Jul 07, 2017
When it comes to high-income households, a greater percentage of this money-burdened demographic can be found as renters rather than homeowners

It is more cost effective for a renter to renew a lease than to move to a new rental unit, according to a new data analysis from Zillow.
 
In a number-crunch of 2015 U.S. Census Bureau data, Zillow determined that those who moved in the past year paid an average of $3,946 more in 2015 on rent than renters who stayed in the same unit for the past five or more years. Although rents have been on the rise across the country, Zillow noted that market rate rents—those that are advertised for new renters—increased by 5.6 percent from 2014 to 2015, compared to the 3.6 percent increase for renewed leases.
 
"Renters have a decision to make almost every year: do they stay in the same place, or should they look for a new unit," said Zillow Chief Economist Svenja Gudell. "With the country in the middle of an affordability crisis, it's important for renters to understand how much they can save if they renew their lease instead of finding a new rental. Nationally, rental rates have slowed and the savings from renewing are not as significant for renters today. However, in some of the hottest rental markets, where rents are still rising aggressively, continually renewing a lease can mean saving thousands of dollars."

 
Published
Jul 07, 2017
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021
SRE Mortgage Alliance 'Restructuring & Reorganizing'

Owner of technology-based wholesale residential mortgage lender in El Segundo to determine organization's future.

Wholesale
Oct 15, 2021
Ginnie Mae Issued Record MBS Volume In FY2021

The record $939 billion issued included nearly $73 billion in September.

Industry News
Oct 14, 2021
UWM Completes Test Of Cryptocurrency Mortgage Payments

United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.

Industry News
Oct 14, 2021
Arvielo Re-Appointed To HUD Advisory Committee

Nationwide mortgage lender New American Funding’s Co-Founder and President Patty Arvielo has been re-appointed to serve on the U.S. Department of Housing & Urban Development's Housing Counseling Federal Advisory Committee.

Industry News
Oct 13, 2021