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Yet another good reason to consider rental property ownership…
In a recent article published on the Multi-Housing News website (March 26, 2009), President and CEO of Associated Estate Realty Corp, Jeffrey Friedman noted that over the next 10 years there are expected to be 450,000 new rental households per year. However, on the supply end of the equation, the number of new apartment starts is only around 200,000. “We know there is no overbuilding,” says Freidmen. If this trend continues, he notes “In fact, there will be half as many new apartments built as new renters coming into the market.” >
Another observation he makes is that the current unemployment level in the US will probably keep vacancy rates in the 5-8% range and make it more difficult for landlords to raise rents while unemployment levels remain high.
You can read the full article at http://www.multihousingnews.com and search for “New Renters Will Outstrip the Supply of Apartments Despite Economic Downturn, Says Associated Estates CEO”, March 26, 2009.
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