For years, the trend has been in home ownership with Americans desiring to have a home of their own. Now there is a resurgence in the rental property market as American households fear the current real estate market and financially strained budgets prevent would-be home-owners from taking the plunge. This puts a large pool of people looking to rent their home instead of buying. On the flip side, massive waves of foreclosures have opened up opportunities for those with the means to purchase homes as a rental investment. Put these two occurrences together and they make the current rental property market.
The rental market offers a chance for a home without the monumental pressure of having a mortgage. Not that long ago, most home renters were young adults just starting out in life who did not have the credit nor the financial stability to purchase a home. But now, people of all ages are choosing to rent. The rental marketplace took a large hit before 2008, but since has made a recovery, jumping leaps and bounds all over the country. While most Americans want to achieve their American dream of home ownership, it is not realistic in the current economic landscape. Saving for a down payment is still a huge hurdle and more and more people are having issues with their credit. Mortgages are much more restrictive and harder to obtain causing foreclosures to rise while the rental housing market is now experiencing lower vacancy rates.
This increase in the Rental Property Market has also opened the market for real estate property management companies to flourish. These companies across the country offer real estate management services and takes the burden off of real estate owners looking to rent out their property. Management companies can handle all aspects of property management and allow the owner to assume a ands-off posture. These services are ideal in assisting the owner with achieving their financial goals and with property performance operations.
The change in the American affordability of buying a house have kept people off of the home buying bandwagon and facilitated the increase in the Rental Property Market. Rental prices are increasing at a slower rate than sales prices and are fitting better into the American budget. Property owners can use property management companies to streamline their profits and lower their risks. This makes the current rental property market a win-win for both the tenant and the owner.
