A new report from Redfin shows rents are rising most quickly in the Northeast and Midwest. The report says, “In the Northeast, the median asking rent rose 4.3% year over year to a record $2,503 in June. By comparison, asking rents rose 3.7% to $1,396 in the Midwest, 0.8% to $1,670 in the South, and fell 0.3% to $2,452 in the West.” Sunbelt rents had been fueled during the pandemic, but now those areas are coming down from that period of high demand.
A new article from REALTOR® Magazine predicts “Latest Inflation News Bodes Well for Housing”. Finally, economists are now predicting the Fed does not need to raise rates again. That’s great news for real estate investors, as home buyers could start to show more confidence in jumping into the market. Lawrence Yun, chief economist for the National Association of REALTORS®, is quoted as saying, “decelerating consumer prices could steadily lift home sales and increase home production in a few months.”
At Rehab Financial Group, we are always innovating! Our new Multi-Family loans are designed for experienced Multi-family and Mixed-use borrowers looking to finance investment properties with 9+ units to purchase and rehab. These loans are also a good way to refinance currently owned properties to renovate and increase current market value. Got questions about this new loan product? Call us at 610-645-9939.
“I have always been treated with respect by RFG. I really feel like they want me to succeed.” - AI C.
Last week we showed you Al’s work on a multi-family 5-unit building in Philadelphia This project was actually right next door! The difference was that the first building had good bones, and it was a pretty straight forward rehab. This building was just a shell, and required a total frame-out just to get started. But Al already knew his way around the plans with four 1 bed/1 bath apartments and one studio apartment, and quickly jumped in on this total reconstruction. He was able to turn this diamond in the rough into a matching gem to the one next door in short order. It was a ton of work installing new electric, plumbing, heating, and flooring, and the 5 new kitchens and baths were very labor intensive, but the results speak for themselves. Now Al has ten units between the two matching buildings, and he is proud of the 100% occupancy in both. What an accomplishment!
