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The Housing Market through the Recession to Today

August 31, 2015 by in General

As the Housing Industry collapsed after 2007, Apartment rentals shot up and continue to rise due to a low inventory of homes as well as the vast amount of Millennials currently in their late teens and early twenties. Apartment rents have increased 20 percent from 2007 to 2015 Q1 with an average yearly growth of 2.3 percent.

With the number of apartment rentals on the rise, the Vacancy Rate has plummeted. Dropping an average of 7% a year since 2009, the Vacancy Rate has decreased a total of 35.8 percent – down to 6.8 in 2015 Q2.

The jump in apartment rentals over the last eight years is in huge part due to the core of Millennials aging into Age Group 20 to 24 (prime renting years).

The amount of early twenty year olds increased from 21.1 million in 2007 to 22.9 million in 2014 – a growth of 9 percent.

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FastFact: Apartment Rentals Remain on the Increasehttp://furniturecore.com/HFBusiness/HFBNow/ArticleID/13126/fastfact-apartment-rentals-remain-on-the-increase.aspx