LISTING COURTESY OF BROWN HARRIS STEVENS
- Leading up to 2008, credit was lax and lots of people who were marginal buyers got loans. Not now. The credit box is a lot tighter, so those excluded from the mortgage market are renting.
- Affordability has taken ~50% hit since the beginning of the year with rising interest rates. Anyone on the affordability margin has been kept in the rental market.
- With rents rising and rental concessions disappearing, many renters are opting to stay where they are as the switching costs are at a high point.