35 Million People Rent, according to US Government statistics. The number continues to grow for a number of reasons.
Often cited facts of why people rent:
- job market is not stable
- millenials not anxious to own – unsure of their own future
- people electing to live in metro areas – limited funds to purchase
- investors able to pay cash purchasing homes ahead of owner occupants
- foreclosure purchased by investors who are not selling – creating communities of renters
These are just some of the reasons.
Developers rush to build rental communities
Over the past 8 years, the increase in rental communities has shot up dramatically as investor/developers scramble to create rental communities that people today are looking for.
- pools (indoor or out)
- community rooms / play rooms – so not part of your unit
- indoor outdoor recreation
- easy transportation options – mass transit or even Zip Car access
- flexible lease options – move up/down / short term etc
- pet friendly
- services on site – laundry, day care, pet sitting etc
These features and more make it easier for many.
However, there are still many forced into renting due to:
- saving for down payment
- beat out by investor
- job loss or downsized
- delayed two earner (ie. being single)
- job requires travel
- divorce/death of partner
- distance to travel to work – easier to rent
- unsure of future
We will be discussing this in more detail on RentLaw.com
See Rent vs. Buy on RentLaw.com