Honeywood Apartment Homes

3101-H Honeywood Lane, Roanoke, VA 24018
Call: 833-805-7609 Email UsHoneywood.PropertySite.HHHunt@aptleasing.info View Map

Opens: Monday-Friday: 9:30A-5:30P | Saturday: 10A-5P | Sunday: Closed

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Apartments Roanoke VA Blog

Millennials Are Renting in Roanoke, VA

Millennials Are Renting in Roanoke, VA

Joseph Coupal - Thursday, September 27, 2018

Honeywood Apartment Homes in Roanoke VAThe so-called Millennial generation is all about bucking tradition. They’re marrying later. They’re all in favor of nap rooms and ping pong tables in the office.

And they’re renting apartments instead of buying.

That’s not to say they don’t want to purchase a single-family home eventually:

A survey this year showed that as many as 75 percent of those young Americans born into Generation Y do want to own their own home, and most (66 percent) want to do so in the bucolic (Virginia) suburbs.

They just don’t want to do it yet:

Another recent report found that a full half of Millennials rent their homes, a figure up markedly from the 37 percent of renters surveyed just five years ago.

But why?

Why are Millennials choosing to rent, and not buy?

Purchasing a home means acquiring more debt. The most obvious reason millennials are opting to rent is the crippling debt many find themselves with in their early 20s. According to the Institute for College Access & Success, 7 in 10 college students who graduated in 2012 have student loan debt. The average amount: a staggering $29,400 – and many others graduate even deeper in the hole. The amount of student loan debt has increased an average of 6 percent per year since 2008, and there is no sign of the trend stopping.

With student debt looming, it’s no wonder millennials favor a monthly rental check over additional mortgage debt. While mortgage payments can be more affordable than rent in some cities, recent graduates likely don’t have the funds necessary to make a down payment. Beyond having money for a down payment on a home, some millennials simply don’t qualify for a mortgage. Whether they are saving up for a down payment or choose to rent as a long-term housing decision, renting allows millennials to move out quickly without the immediate financial squeeze that comes with homeownership.

Apartment life is more affordable than owning a home. In addition to the upfront cost of a down payment and a mortgage, managing a house comes with a lot of additional costs: Homeowners must pay property tax, maintenance and repairs, utilities and perhaps even association fees on top of their mortgage. An apartment requires rent and utilities, which is much more manageable for a millennial on a tight budget.

To take advantage of apartment amenities. Many apartment complexes offer amenities such as fitness centers, pools, a concierge and on-site maintenance – perks that don’t usually come with your first home purchase. Though renting an apartment in a building that has luxury amenities can come with a bigger price tag, the features cut down on other bills. Instead of paying for a gym membership and rent, renters in these buildings can pay one price and get both. In fact, the idea of having access to amenities is so appealing to some young people that they plan to rent for a while.

To enjoy city life. Many young people choose to live in urban areas because they like the atmosphere. They can walk to grocery stores, take public transportation, find night spots easily, see live concerts and access great restaurants. Millennials drawn to the energy of metropolitan areas likely can’t afford to own a home there. If city living is a priority, they’ll sacrifice homeownership to get the location, and that means renting.

To maintain flexibility and freedom. Recent college graduates want to have the freedom to move around. They’re just beginning their careers and haven’t decided when and where to settle. For this reason, renting an apartment instead of moving right into homeownership is often the smarter choice. Young people can move for a new job or to simply try out another city without being tied down to a mortgage. Rather than settling down immediately after college, millennials are focused on finding the right job, a city that fits their personality and trying new things.

For more information on apartments in Roanoke, VA contact Honeywood.

#HowYouLive

managementpros.com


Renting Can Improve Your Credit Score

Renting Can Improve Your Credit Score

Joseph Coupal - Friday, September 21, 2018

Honeywood Apartment Homes in Roanoke VAOn-time payments are a solid way to build your credit score. Your payment history constitutes 35% of your credit score – the largest contributor among the five factors used in calculating your score.

Payments on most debts are reported to the three major credit bureaus (Experian, Equifax, and TransUnion) for inclusion in your credit report, and credit-scoring systems use that information to calculate your credit score. However, one regular payment for many Americans is reported to credit bureaus in a purely negative fashion. When renters are late on payments or evicted, that information is typically reported to credit bureaus – but regular, on-time payments are not.

If your credit score needs a little extra boost – or if regular rent payments are about the only good thing you have to report – rent reporting services such as Rental Kharma, RentTrack, ClearNow, and Pinch are available to supply the credit bureaus with your rental payment history, so you can reap credit-score benefits. (Obviously you'll need to make on-time payments to see those benefits).

Some property management groups are already connected with a rent-reporting service, where all you need to do is opt in. Check with your landlord to see what options are available. Otherwise, you'll have to work with one of the services directly. Honeywood Apartments in Roanoke, VA does report rent payments to credit agencies, thus helping tenants to improve their credit scores. In fact, all HHHunt properties report on-time rental payments.

As you evaluate services, check out the following:

Bureaus – Some services are linked directly with one of the three major credit bureaus. Others report to two bureaus, and a few (RentTrack, PayYourRent, and Pinch in particular) report to all three bureaus.More reporting of positive information increases the positive effect on your credit.

Fees – Services directly linked to a property management group, like PayLease or PayYourRent, may be free to you. Other fee structures vary from monthly flat fees to fees per transaction to variable charges based on your rent amount. Rent Reporters and RentTrack, among others, offer a potential quick credit boost by the addition of up to two years of past rental payment for a one-time fee.

Payment Logistics – What options do you have for payment? Are there options for linking to a debit/checking account or credit card? Does the reporting service require that you funnel rent payments through them, and if so, what are the timing and terms?

Service-Specific Details – Do you have to opt in to the service? How long should it take for rent payments to appear on your credit report? How is your personal information protected?

Landlord Requirements – Landlords may be required to verify your payments. Make sure your landlord is open to the responsibilities and verify with the rent-reporting company how any disputes with your landlord are handled.

Even if your regular rent payments are reported to the credit bureaus and incorporated on your credit report, your credit score may not be affected in the eyes of some lenders. There are several different score variations tailored for risk factors in specific industries.

To make the most out of your reported rent payments, ask lenders whether regular rent payments are included in your score. It may not make much difference, but every little bit counts when you are trying to get credit at reasonable interest rates in a competitive market.

For more information on apartments in Roanoke, VA contact Honeywood.

#HowYouLive

globegazette.com


Hurricane Florence Will Impact Roanoke as Early as Friday

Hurricane Florence Will Impact Roanoke as Early as Friday

Joseph Coupal - Thursday, September 13, 2018

Honeywood Apartment Homes in Roanoke VAFlorence is getting larger and getting closer to the coast. Virginia will see the first signs of the storm with high wispy clouds Thursday. Scattered shower and storm chances increase Friday afternoon and Saturday as the outer bands move in.

The flash flood threat locally is still present, increasing Sunday and Monday.

Friday - Saturday

  • Outer rain bands from Florence. Very heavy rain within these bands.
  • 1-2" of Rain possible, isolated higher in stronger storms.
  • Isolated flash flooding possible, especially in areas that have seen heavy rain lately
  • Wind gusts 35-45 mph

Sunday - Tuesday

  • Remnants of Florence.
  • Heavy rain possible.
  • 2-4" of rain possible for most areas. Isolated higher.
  • 4-8 inches possible in the Mountain Empire, I-77 corridor . Isolated higher.

As mentioned Tuesday, the widespread catastrophic flooding (20+ inches of rain) will stay to our south, but significant flash flooding is possible locally, especially Sunday and Monday as the tropical moisture from Florence moves north.

We urge everyone in our apartments in Roanoke, VA to be careful and stay safe.

#HowYouLive

WSLS


It is Better to Rent Than Buy

It is Better to Rent Than Buy

Joseph Coupal - Friday, September 07, 2018

Honeywood Apartment Homes in Roanoke VAIt is easily the question most asked by anyone moving into their first home or downsizing into retirement. Should I buy or should I rent? For nearly a decade the answer has been buy. The crash in home prices, combined with record-low mortgage rates made buying and owning a home both cheaper than renting one and a better investment.

Now, the tide has turned.

Fast-rising home prices and higher mortgage rates have shifted the calculation to rent. The monthly costs of buying and owning a home that you occupy are up 14 percent over the past year, more than three times the annual increase in rent rates nationally. Rents are up just 4 percent. The number of local housing markets where it is cheaper to rent than buy is growing by the day.

Even setting aside big upfront expenses like a down payment, rising month-by-month costs are likely keeping many people from purchasing. Today only 41 percent of people live in a county where the median income family can afford to buy a home at the median list price, and affordability declined significantly over the past year.

Home prices fell dramatically following the financial crisis and the subprime mortgage crash. Millions of homes went into foreclosure and were sold off at bargain-basement prices. Home values finally bottomed out in 2012 and then began to take off. In the last three years, the gains accelerated dramatically, and now homes in most of the nation are worth more than they were at the inflated peak of the housing boom in 2006.

It's normal. Housing is an early cycle sector. Interest rates are low, incomes start to grow, so in an early cycle environment you can buy, but in a later cycle, interest rates go up, home prices go up, it's harder to buy.

The recent acceleration in home prices has been due to a supply imbalance in the market: too much demand and too little supply. That has shifted the equation back to rent, even though rents have increased a lot in the last few years.

According to July home and rent prices, buying a home was cheaper than renting in just 35 percent of the nation's counties. That is down sharply from 44 percent just one year ago.

And it's not just cheaper to rent, it may also now be a better investment. Renting and reinvesting the savings from renting, on average, will outperform owning and building home equity, in terms of wealth creation. That is the first time renting outperforms buying since 2010.

In 16 of the 23 major metropolitan markets covered in the research, renting is a better investment than buying.

So what does all this mean for the wealth of average Americans and the health of the housing market?

Since home ownership has historically been an important source of household wealth creation, it could be problematic if this trend continues for too long. Still, even in places where renting is currently more affordable, rising home prices provide wealth-building opportunity for home buyers.

Since home ownership has historically been an important source of household wealth creation, it could be problematic if this trend continues for too long.

As for home prices, the shift pulling demand away from buying and toward renting will likely cool overheated home prices. In fact, that is already happening. For the first time in several years, in July, the supply of homes for sale was not lower compared to the previous year. It was flat. In addition, while home prices are still rising, they are rising at a slower pace, meaning sellers are starting to see demand fall off a bit, as buyers hit an affordability wall.

Absent some major outlying disaster, home prices are highly unlikely to fall, at least not nationally.

For more information on apartments in Roanoke, VA contact Honeywood.

#HowYouLive

CNBC



Honeywood Apartment Homes

3101-H Honeywood Lane, Roanoke, VA 24018

Call: 833-805-7609
Email UsHoneywood.PropertySite.HHHunt@aptleasing.info
View Map

Opens: Monday-Friday: 9:30A-5:30P | Saturday: 10A-5P | Sunday: Closed

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