From Home Furnishing Business
Fast Fact: The Aging of the Housing Industry
While renting has become a more attractive option since the Great Recession, limited housing construction for both new homes and apartments paired with the aging of current housing could pose a problem in the years to come for both homebuyers and renters.
According to data from the U.S. Census Bureau’s 2017 American Community Survey, since the recession ended in 2009, only 5.1 percent of all owner-occupied homes and 5.6 percent of all renter units have been newly built.
Although renter-occupied units were in high demand during and after the Great Recession, apartment construction failed to pick up and was only 10.9 percent of all units during the same time period.
For an in-depth look at the data, click here.