From Home Furnishing Business
FastFact: Housing Shifts to Rental Properties
A number of factors that go into the state of the housing industry.
The last seven years have seen the industry change significantly. The economic downturn took its toll on an industry already dealing with shifting demographics.
Since then, there has been a downward slide in homeownership, with owner-occupied housing making up only 63.5 percent of the market today, compared to 68.1 percent of the market in 2007. To make up for that, rented properties have grown from 31.9 percent to 36.5 percent.
This shift isn’t solely based on the housing bust.
The industry has recovered slightly faster than the overall economy, making prices rise higher than some families can afford. We have also seen a huge number of millennials come into the market, mainly in rental properties as they navigated college and find their first homes.
The complete FastFact is available online.