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The National Association of Realtors said Thursday that sales of existing homes rose 2 percent last month, the fastest rate since February 2007. Sales have jumped 9.6 percent over the past 12 months, while the number of listings has declined 4.7 percent.
However, despite the higher sales, more Americans are choosing to rent. The share of the U.S. population who owns homes so far this year has fallen to 63.4 percent, a 48-year low, according to the Census Bureau.
The RENTAL MARKET trend looks good, and expect to stay that way. It is showing a rapid growth due to new inventory becoming available. The demand for rentals has resulted in aggressive multifamily construction, with 169,376 buildings with 40+ units delivered in 2014, compared to 135,342 buildings in 2013. Now Builders plan to build more detached HOMES for Single-Family Rentals.
The units will be absorbed into the market as the economy grows and more Gen Y renters enter the rental MARKETPLACE. However, slow wage growth will limit how much landlords can realistically raise rent.
“Last year, approximately 25,000 detached homes were built for rent,” according to Burns Real Estate Consulting Firm. “We believe that number will increase significantly over the next several years. We expect detached homes for rent to become an important segmentation opportunity for the top master plans in the country, who will no longer ignore 10 percent of housing demand.”