THE GROWING RENTAL MARKET

Single-family rentals – either detached homes or townhomes – are developing faster than any other portion of the housing market. Single-family rental homes and townhomes make up 35% of the country’s 44 million rental units, compared with 31% in 2006. *

The majority of single-family renters are millennials:

• Many put traveling as a priority and want flexibility in both job and home location.

• Student loans and stagnant incomes make it harder to save for a down payment.

• Those who came of age during the housing bubble may not see homeownership as the best way to invest their money. The number of renters aged over 55 grew by 28% between 2009 and 2015. From 2010 to 2016, single-family rental households in the U.S. increased by nearly 2 million; 1.26 million of those renters were 34 to 65 years old, while just under a half million were 65 or older.

Small-time landlords now dominate the market. Investors who have fewer than 10 units own 87% of all single-family rentals, while investors who have only one rental unit own 45%.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

 There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication. Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.

*https://www.urban.org/urban-wire/five-things-might-surprise-you-about-fastest-growing-segment-housing-markethe