An October 2011 business outlook report by Freddie Mac unearths a rising trend in choosing rental housing over homeownership, hinting at positive industrial developments in the multifamily sector in the U.S. Market.
According to information supplied by the Census Bureau in June 2011, there was a net increase of 1.4 million families that made a decision to move into rental housing. The figures come as a slight surprise since the market boasts doubtless the highest affordability in decades. Overall, the number of property owners in the U.S. Declined by 1.5 percent over the last year, and the number of tenant homes increased by 4 percent.
"Apartments, which are considered part of the commercial real estate sector, are well ahead of retail, office properties and commercial properties in the recovery thanks to the release of restrained demand," said Hessam Nadij, MD of study and counseling services for Marcus & Millichap, for HousingWire mag.
Under-30-year-olds are leading the list of the rental searchers, as they take their time before making the final choice for the purchase or mortgage. The proportion of householders under 25 years old reduced about 4.4 per cent to 21.9 percent, and the ownership rate of people aged 25 to 29 years fell 7 % to 34.7 %.
Everything seems to point to an a reliable fact that Americans expect home prices to continue to decline. Freddie Mac experts see the cause of the situation in easily accessible financing for rental housing, low mortgage rates, and flourishing apartment-sector economics together with the comeback of traditional lending that was put on hold during the crisis.
So it appears there may be ultimately some excellent news nevertheless , US housing market is still severly staled and return to the precrisis level may take decade, or perhaps more.
Canada stands on a completely opposite side, since even the recreational property market in Canada is growing fast.
According to information supplied by the Census Bureau in June 2011, there was a net increase of 1.4 million families that made a decision to move into rental housing. The figures come as a slight surprise since the market boasts doubtless the highest affordability in decades. Overall, the number of property owners in the U.S. Declined by 1.5 percent over the last year, and the number of tenant homes increased by 4 percent.
"Apartments, which are considered part of the commercial real estate sector, are well ahead of retail, office properties and commercial properties in the recovery thanks to the release of restrained demand," said Hessam Nadij, MD of study and counseling services for Marcus & Millichap, for HousingWire mag.
Under-30-year-olds are leading the list of the rental searchers, as they take their time before making the final choice for the purchase or mortgage. The proportion of householders under 25 years old reduced about 4.4 per cent to 21.9 percent, and the ownership rate of people aged 25 to 29 years fell 7 % to 34.7 %.
Everything seems to point to an a reliable fact that Americans expect home prices to continue to decline. Freddie Mac experts see the cause of the situation in easily accessible financing for rental housing, low mortgage rates, and flourishing apartment-sector economics together with the comeback of traditional lending that was put on hold during the crisis.
So it appears there may be ultimately some excellent news nevertheless , US housing market is still severly staled and return to the precrisis level may take decade, or perhaps more.
Canada stands on a completely opposite side, since even the recreational property market in Canada is growing fast.
About the Author:
Jay Banks is one of the top Vancouver real-estate agents and Vancouver condos professional,.
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