CHICAGO—The plunge in homeownership rates has created several new niches in the U.S. real estate market. Many companies, for example, have begun buying up single-family homes and using them as rental properties. And MJ Partners Real Estate Services, a Chicago-based firm, says the plunge has also greatly increased the need for real estate devoted to storage.
The company just released its “Self Storage Market Overview, First Quarter 2013,” an analysis of self storage companies' recent earnings results, and says it “serves as a benchmark of the current investment market, operations performance, capital markets and trends within the self storage industry.”
According to data from the U.S. Census Bureau, the U.S. homeownership rate fell to 65% in the first quarter, down from a peak of 69.2% in 2004. The significance of this decline, company officials say, is that “the average homeowner moves every 9 years—about the same over the past decade.” But the “average renter moves every 2 to 3 years.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
