SAN FRANCISCO-The multifamily market continues to get the thumbs up from Americans. According to ApartmentList.com, a locally based apartment-finding search engine, 40% of American households rent their homes, and one-fourth of these renters have no intention of becoming homeowners.
“The fact that a quarter of renters plan to never own a home indicates to us that the definition of the American Dream is changing, said John Kobs, CEO and co-founder of Apartment List, in a prepared statement. “While the resale market slowly recovers, it seems that more Americans are embracing renting for the long term. We will be keeping a close eye on how the next administration can improve the situation for renters around the US.”
Rental rates nationwide are also on the rise, according to the search engine’s first “Rentonomics” report, which uses both pricing and survey data to track the US rental economy. An overwhelming majority of states have demonstrated an increase in asking rents since January 2011, and 34 out of the 45 stakes the study analyzed showed rising rents. “One-third of renters have had their rent raised in a tough economic climate,” Kobs said.
Nationally, residential rents rose 9.7% between January 2011 and June 2012. Fifteen red states and 19 blue states saw rents rising, while two red states and nine blue states experienced falling rents. Pricing data shows average rent hikes of nearly 10%. |
*Chart courtesy of ApartmentList.com. For more information, click here.
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