US Census says Shift to Renting – Is it an opportunity to invest in residential real estate?
Residential Rental Property Management - For Rent
In any times, bad news for some can be good news for others. Since 2006 when households started losing their homes to foreclosures, there has been a shift to renting from owning. US census released the 2008 American Community Survey (ACS) results, which highlights this new trend.
This shift is leading to more crowded living conditions for families as they double up or reluctant landlords take up tenants and the shift to smaller size housing. The average household size of renter occupied residential rental unit increased from 2.41 in 2006 to 2.44 in 2008. The percentage of occupied residential housing units with 1.51 or more occupants per room increased from 1.52 percent to 2.35 percent.
This trend points to not only more demand for lower income residential rental housing units but also general higher demand for residential rental units. Since most individuals are willing to double up due to high unemployment, rents have been under pressure and property managers, property management companies and landlords have not been able to raise rents. But this will change as employment picks up next year.
Read story on shift from owning to Renting by CLICKING HERE
This blog post is brought to you by SimplifyEm Pay Rent Online and Property Management Software
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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