It’s been a rough half-decade for homebuilders, realtors & other people associated with the housing industry. Not so much for one group: folks who own rental property. According to the “State of the Nation’s Housing” report published by the Joint Center for Housing Studies of Harvard University, it’s a good time to be a landlord. Some points made in the report:
The number of renters has surged by 5.1 million, the largest decade-long increase in the postwar era.
This spike has happened despite the fact that the typical renter – young, starter, post-college echo-boomers – are moving back in with their parents in record numbers due to lack of good jobs rather than striking out on their own.
Rapidly rising demand has cause a spike in rental rate increases.
That’s why the landlords are happy. And that’s why we’re optimistic that home-building will be back strong in the coming year: we’re the affordable alternative to those higher rents.