Brokers have had an extremely effective sales pitch for first-time buyers for more than a decade now, as interest rates have remained at historic lows: why rent when you can buy for the same monthly payments? Every renter has heard the common wisdom that renting is just throwing your money away, and with interest rates low and appreciation high, that wisdom has been fairly wise for the last decade. But with interest rates creeping north, and prices cooling off, the scenario for some consumers is beginning to shift.
Sniffing a turning tide, the Chicagoland Apartment Association has been emboldened to issue a news release highlighting rising interest rates and points from a new pamphlet entitled “Don’t Buy the Myth – Renting can be a Smart Investment.” Lots of people think it’s just common sense to buy if you possibly can, but that’s not always the case. Click on “Comments” below to give us your thoughts on buying versus renting.