These days, real estate brokers are dealing with declining home sales and would have their clients believe that there is no better time than the present to buy a home. Prices are down and mortgage rates are at all-time lows.
Unfortunately for the brokers, many clients are not persuaded by that logic. Instead, in increasing numbers, they are choosing to rent — unconvinced that the housing market has yet hit bottom.
With apartments in Glen Allen, VA in fabulous locations and offering amenities that can’t be found in homes, renting is a great option for many. There is also a broad mix of tenants: fewer young transient residents and more families and empty-nesters that no longer have homeownership on their wish list.
Nationally, vacancy rates for apartments are projected to drop to 4.6 this year, down from 5% currently. “Anything below 5% is a landlord’s market,” said Walter Molony, a spokesman for the National Association of Realtors.
Original article NY Times