35 Million Renters – and Growing

The Rental Market Today

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.

Features include:

  • pools (indoor or out)

  • gyms

  • 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