Demand for rental apartments is on the rise. That's according to a new national study released from Harvard University. The study shows there are fewer vacancies than ever.
"The demand for apartments has gone up", said one property manager.
One of the reasons: The cost of living is going up, but people's wages are not. So, that's what's keeping people renting.
Another benefit, renting is just easier. Renters don’t have to worry about cutting the lawn or home repairs. Most apartment communities have a swimming pool and all you have to do is pay the rent.
Not to mention, single family home inventory is very low. When you are renting, you can find the home you want rather than a home you have to settle for. Apartments in locations where you want to live are easier to come by and are usually less expensive than buying.
More people don't want the maintenance responsibility of owning and others, once caught in foreclosure, are left with a bad taste of home ownership.
There are a lot of people that came out of the real estate market when it crashed and they just don’t want to be homeowners again. They now are going to be renters long-term.
For more information on renting an apartment in Glen Allen, Va, contact The Gardens Apartments.