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What Is The Rental Rush?
Across the country, the “rental rush” is starting to set in, and for the first time since the housing market bubble busted in 2008, home prices are at the highest ever. The housing prices are having an unintended effect on the rental market, which has led to a growth spark within the property management industry as a whole.
Rental Rush Factors
A combination of factors has caused this massive shift and is driving the rental rush, some of which include:
- The rise in new and previously owned home prices
- The decrease in the price of rentals from 2009 until 2011, which is helping those families with high rental costs
Lowest Rental Vacancies Since the Housing Crash
According to the American Housing Survey data compiled by the U.S. Census Bureau, the number of families renting single-family homes has increased, and rental vacancies are at their lowest rate in years. In fact, the U.S. Census Bureau report shows that Los Angeles and New York have the lowest rental vacancy numbers at 50.8 percent and 48.9 percent of rentals rented, respectively.
The report also shows that the number of families that have rented single-family homes increased to 38 million, and the Bureau expects that number to increase even more over the next two years – up to 41 million rentals of single-family homes.
Overall, according to the report, the prices of homes for sale have increased so much since the low of 2008 that it resulted in residential renter-occupied housing having increased overall by about 34 percent, although in some cities, these numbers top out at about 70 percent.
by Tara Armbruster in Real Estate
Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank
