The real estate drop of 2007, along with the rise of Generation “Y” has translated
into a new phenomenon: Sharply rising rents and the Single-Family rental
From 2005 to 2010, single-family HOMES used as RENTALS grew at 21 percent!
If it weren’t for the new rise of single family rentals in the market, rents would be zooming higher and faster than they are predicted.
Changing attitudes towards homeownership have been pushing up rental demand since 2004, before the housing bust.
The number of homeowners declined by 805,000 from 2006 to 2010 and the number of renters ROSE steadily for six consecutive years, increasing 3.9 million during that same period, according to US Census data.
NOW is the time to BUY & HOLD real estate.
The net increase RENTALS in 2012 alone was 1.4 million NEW rental households!
Much of the rental demand is from younger households (Generation “Y”) that are
postponing, or disregarding homeownership in favor of renting. The decline in
the homeownership rate has been sharpest for those under 30 years of age.
Multifamily rental housing can’t keep up with the demand. Census Bureau reported that third quarter 2012 vacancies for rental housing were only 9.2 percent, the lowest rate since 2003
ALL of this confirms – NOW is the time to BUY & HOLD.
If you already own a home, I recommend buying another. Buy the lowest priced home you can afford and keep it as an income property till the market peaks in 2017 / 2020
As a local Realtor and Energy Consultant, I am amazed at the opportunities that are HERE NOW! I would be happy to assist you in planning for the Future NOW !