Your landlord announces a hike in your monthly rent. Now what?
You could search your budget for ways of meeting the new demands. You could consider packing up and moving to another apartment. The problem is, those solutions are not only difficult, but you may face them year after year as rents continue to rise. Instead, you could solve the problem once and for all by buying a home.
Owning a home is not for everybody, but when rents are rising rapidly, you should at least be thinking about buying a home. According to some new data on rental rates, in particular, there are 25 metropolitan areas in the United States where fast-rising rents should definitely be a cue to look into the economics of owning rather than renting.
The following are those markets, along with the percentage increase in rental rates during 2015.