Despite the recent surge in rental rates, it makes sense to continue to rent rather than purchase a home because of the current, elevated home prices in much of the country.
Those are the sentiments of Eli Beracha of FIU's Hollo School of Real Estate, which this week issued its monthly report that ranks the most overvalued housing markets of America's 100 largest metros.
"We encourage buyers to negotiate aggressively or to consider renting, even in light of the recent surge in rental rates," Beracha said in prepared remarks. "If you lock in a home price now, it could take years to see the return on that investment. Temporarily high monthly rent could be viewed as the cost of avoiding the vagrancies of an irrationally exuberant housing market."
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