Although many people include owning a home as part of the “American dream,” people who have never owned a home before fail to think about the responsibilities associated with home ownership. If anything breaks or stops operations properly, it’s – guess who? – their responsibility to fix that appliance, HVAC system, or punctured plumbing. People without enough money to purchase homes must pay mortgages out for a minimum of fifteen long years, if not up to 35. Even further, people who outright own homes or are paying payments on a mortgage must sell their house in order to move elsewhere, given they have enough money to prevent doing so.
All these aspects of home ownership combined yield a highly positive view of renting a luxury apartment. They’re cheaper, come with less responsibility, and infinitely more flexible. Let’s look into a handful of apartment rental statistics from our current calendar year.
It’s a great time to rent, as today’s housing market in the United States of America is experiencing a severe drought in houses to buy, with real estate agents across the nation sticking their proverbial noses in people’s rear ends just to find expensive, overpriced homes for sale. Rents have decreased consecutively over the past two months in nearly 25% of the nation’s largest metropolitan areas, with 23 of the most sizable 100 metropolitan regions experiencing drops in rent. This is likely to result in more people renting. In an unlikely scenario, lower rents may open up more homes for sale on today’s tough market, although it’s unlikely.
Colorado Springs, Sacramento, and Stockton have experienced extremely large rises in average monthly rental prices, with more than 10% raises in the past year. With one of these locations being nestled away in the western state of Colorado, and the other two being locate din the even further-western state of California, people on or near the west cost of the United States are likely to start renting homes less and opt for purchasing, if their financial positions are healthy enough. Another scenario entails renters not moving to other apartments as readily as once before, as landlords with multi-year tenants often don’t raise the rent unless they want them to leave.
Every single day in the United States of America, the land of the free, and home of the brave, the number of renters is steadily increasing at an impressive 2,654 renters. Similarly, the number of landlords in America is also shooting upwards, at 544 new landlords per day. This solidifies how popular renting is in areas outside of the west coast, meaning most people are likely to continue renting apartments here in the United States.