Do you rent an apartment in Glen Allen, Va? As a renter, you are not alone.
Renting has become the new American Dream. In 2012, the percentage increase of housing rentals by single families grew in many states, making it clear that people are moving into the renter’s market.
According to Matthew Turgeon from Rhino Media Group, renting is on the rise all over. “We have seen a dramatic increase in rentals. The growth of the rental market has caused a new opportunity for both investors and renters.”
The Wall Street Journal confirms that more people are flocking to renting as opposed to buying. In a 2011 article, they point out that home ownership was 69% at the end of 2005, 67.2% at the end of 2009, and 66.5% at the end of 2010.
The thought that these figures are somewhat affected by people not being able to afford a home is not entirely accurate according to the Wall Street Journal. In 2012, the Journal reported that many people believe that the housing crisis is far from over and that renting is the best place to keep your money safe. “I would rather throw my money at the rental market than allow a bank to get richer from me,” says Tom Sheer from Livonia, Michigan. “Even if my rent is not going towards my equity, that means nothing when there is no way to know how much equity your home really has.”
Regardless of what economic experts tell us about the markets, the economy, and mortgage rates, the statistic simply do not lie. More people are flocking to rentals than they are to home ownership. It will take more than great interest rates in order to turn the tides, and until then, continue to watch as people fight for that right apartment as they fought for the right home only a decade ago.
For more information on The Gardens Apartments, contact us.