As the residential mortgage lending continues to decrease, the demand for apartment and houses for rent are increasing greatly. The massive decline on mortgage approvals is one of the major aspects regarding the huge demand for apartments and houses for rent.
The rental apartment supply is not keeping up with the demand. Affordability is an issue that will be exacerbated by growing demand. The concern is that apartments and houses for rent absorb more than thirty percent of a renter's income.
Positive job growth is also boosting the demand for apartments and houses for rent. The duties of homeownership are costly, and the cost of living continues to rise. Also there are many senior apartments available but choosing one can be tough for you.
Therefore, most of the people prefer not being tied down to home ownership and be free to move when a better job or place comes along.
A housing report released by a national housing search engine, showed that rental prices for two-bedroom units grew 3.75 percent. Vacancy rates are steadily falling.
Leasing is on the rise, and rents are showing signs of establishment, especially in the apartment market where rents are increasing the fastest. Rents are rising; vacancies are falling; household formations are growing, and houses apartments and for rent supply are limited.