According to the Urban Institute, single-family rental homes are growing faster than any other demographic of the housing market. Their research shows that the single-family rental market outpaces both single-family home purchases as well as apartment purchases.
“Young people are waiting longer to get married and have children, which can make renting more economical”, says Sarah Strochak of the Urban Institute as she expanded on how single-family rentals have risen 30% in the last 3 years.
As younger generations become more active in the housing market we should expect to see these figures climb.
The rise in renting
The 2008 financial crisis had a devastating effect on U.S. markets, especially the single-family housing market. While we’ve climbed back to traditional levels for things such as foreclosures and underwater mortgages, one thing that hasn’t recovered is the American population’s willingness to buy a home. The American dream of owning a home slowly began to wither and has gone from an investment everyone hoped to make to one that younger generations, such as millennial, all of a sudden have to question. Today, SFR’s and townhome renta...