Posted July 31, 2015 by RentJungle
Image courtesy PixabayWhen you are in search of a new rental, location is always a key factor - whether you desire a location close to your work or one that is far from city life. Current trends suggest that one specific aspect of location is increasing in its importance - walkability. You may have checked websites like Walk Score to view a building's proximity to locations like grocery stores, transportation, restaurants, and the like; but a new study suggests that walkability could soon be a top deciding factor when it comes to choosing a new rental apartment or home.

The study, conducted by RealtyToday.com focuses on how various aspects of walkability are impacting today's real estate market. Perhaps, most importantly is the same mentality of Baby Boomers and Millennials to live without needing a car. While the boomers are downsizing, millennials do not want to have a lengthy commute to work. Fields where jobs are plentiful, such as medicine and technology, tend to be found in urban areas.

Due the economic crash in the early 2000s, many young people are skeptical of investing in home ownership, or just do not have the income to do so. Combine this with the fact that median home sales are at the highest rates in history, the younger generation is not inclined to buy.

What does this signal for property managers? Market your walkability. If millennials want to walk to both their jobs and their social events, rentals need to appeal to this. If you are a millennial currently searching for a rental the offers ideal walkability, a newly published study from The George Washington University School of Business ranks the most walkable metropolitan areas in the country. Washington D.C. topped the list, followed by New York City, Boston, San Francisco, Chicago and Seattle. These cities are categorized by the study as "High Walkable Urbanism."

If your ideal standard of living involves a high level of walkability, you certainly are not alone. As baby boomers come of retirement age and millennials continue to shift into the job market, property managers will need to being or continue development in urban areas where walkability rates are high.

 Image courtesy Pixabay


Posted July 16, 2015 by RentJungle
In today's market, choosing whether to rent or buy can be a difficult decision. There are many factors that come into play when choosing your new home. Will you stay in the area, what is your financial status or how much room do you need are all factors that you think about when choosing whether to rent or buy. However, the trend that is continuing this year and throughout the past 10 years is to rent.
 
The Joint Center for Housing Studies at Harvard University has been gathering data about this trend for the past few years. 2014 is the 10th consecutive year for rental household growth. Harvard University has calculated that the rental household growth is increasing at an average of 900,000 renter households per year. This trend has stayed constant from 2010-2014.

Homeownership has feel nearly 64.5% in the past year. This significant decrease has wiped out all of the steady increase from the past two decades. This is the 10th consecutive year that the amount of homeowners in the United States has fallen. This trend seems to be continuing as the rental growth continues to increase at a steady rate.

Harvard also wanted to evaluate why the rental trend was increasing so much in the past few years. This increase is caused in part to the rental demand of younger adults. Adults 35 and over have contributed to 76% of renter household growth in the past few years. This means that the younger adult demographic makes up 60% of all renters in the United States.

All of these factors show a steady increase for the foreseeable future in multi family housing rentals. As millennials start to make their own future, they will contribute to be the largest percentage of the rental market. These findings will also be a huge factor in construction for the future. If the demand is still high, multi family units will continue to be built around the United States. This could cause a change in the rental market prices and demand as we see where the future takes us. You can learn more about the Harvard study by visiting FreddieMac.
 
Image From Wikimedia


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