UtahPlus.com, an online news information source, recently ran an article about the renting trends that are occurring in our fair land. The information in the article wasn’t so much revealing but was a confirmation of other information and reflects the trend that I have seen in the Austin area.
First the article states that 2015 should expect to see continuing demand for single family rental housing in the USA. This prediction is based on the economic factors that incomes are not rising in proportion to the rising prices of single family dwellings. This event of course takes home ownership out of the hands of many folks. Saving for the down payment of a house can be an elusive event. The report cited an interesting statistic: since 2006 renting has soared 31%! The reasons cited is that renting a single family dwelling gives the tenant the opportunity to experience residing in a house without being tied to the financial burden associated with home ownership. Well duh!
Additional statistics and information cited in the article:
1. Homeownership reached a 19 year low last year.
2. Real median household income has remained flat even though the economy is improving.
3. Families needing a place to live will turn more to renting single family homes as an alternative to buying a home.
4. Overall, there is a low supply of single family rentals and that should mean increased profits for landlords.