According to the US Census Bureau, 52 out of the 100 largest U.S. Cities were majority renter in 2015. A 2015 report from Urban Institute predicts that rentership will continue to rise throughout 2030. There are many demographic reasons as to why families are choosing to rent over owning, including aging baby boomers who are downsizing into rental properties.
The housing market is also playing a role. A shortage of homes for sale makes it more difficult and more expensive for renters to buy. In this first quarter of 2017, less than one million homes were for sale, the lowest number since 2012 according to Trulia.com. Large corporations and small mom and pop investors are cashing in on this trend and building their rental portfolios.
If you are interested in investing in a rental property, contact Ben today to learn more about obtaining this passive income!
Source: “Renters Now Rule Half of U.S. Cities,” National Real Estate Investor (March 23, 2017)