The nation’s homeownership rate is the lowest in 50 years, estimated at 62.1 percent, as reported by the Examiner. With 3.8 million homeowners 90 days or more delinquent on their mortgage payments and a wavering single-family housing market, long-term renting appears a much more viable solution to deal with the economic uncertainties that affected the residential real estate during the recession.
The overall U.S. apartment sector gained considerable momentum in the first two quarters of 2012, spurred by an increased demand of urban living and a shortage of new residential development. The improved multifamily market conditions allowed landlords to raise rents and continue on a path of steady recovery, though at a slower pace than earlier this year.
The third quarter wrapped with an annual effective rent growth rate of 3.64 percent in September, while the occupancy rate climbed to 94.55 percent, according to Axiometrics Inc, a national provider of apartment data and apartment market research. The peak for annual growth in 2012 was 4.14 percent in April, during prime leasing season.
Read more...Long-Term Renting | The Balance Sheet - Yardi Corporate Blog
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