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Posted January 25, 2012 by RentJungle
The housing market has continued its decline over the last year, and as a result many Americans are less likely to join what they consider a more 'risky' move: buying a home. Instead, 20-24 year old Americans are continuing the trend of renting in lieu of owning:
"Hessam Nadji, managing director, research and advisory services at the firm, tells GlobeSt.com that “Demand for rental housing will remain robust in 2012 as strong demographic trends combine with shifting consumer behavior. The total population within the prime 20-34 year old renter cohort has increased dramatically, and will increase by an additional 2 million through 2015,” he says. “As this age cohort continues to face significant hurdles to homeownership and as the tight employment market encourages flexible housing decisions, many of these new households will continue to favor renting.
In addition, Nadji says, though foreclosure activity has begun to recede from peak levels, homeownership rates have declined dramatically since reaching their 69.2% peak in 2004. “The most recent readings place homeownership at 66.3%, and this sharp decline has significantly added to rental housing demand. As a result, rental housing will remain a favored choice for the coming year.”
Posted January 12, 2012 by RentJungle
"In response to rising foreclosures and stringent mortgage standards developers and families turned to the rental market as a solution. New rental units are expected to relieve the tight vacancy market, specifically on the west coast within the next year. Despite optimistic reports of multifamily construction rebounding, only 38,000 new units were built last year representing an all-time low in the last thirty years."
Posted January 10, 2012 by RentJungle
"U.S. apartment vacancies dropped to a 10-year low in the fourth quarter, allowing for rent increases that are likely to continue this year,Reis Inc. (REIS) said.
The vacancy rate fell to 5.2 percent, the lowest since the end of 2001, the New York-based property research firm said in a report today. It was 5.6 percent in the previous three months and 6.6 percent a year earlier. The average monthly effective rent, or what tenants paid after landlord giveaways, climbed 2.3 percent from a year earlier to $1,009, Reis said."