NATIONAL PROPERTY RENTAL STATISTICS SHOULD SHOW HIGHER TRENDS
With incoming report, many are expecting higher rental rates
DALLAS/FT. WORTH, TX – The US government will release their annual report on October 15, 2015, detailing property rental trends in the United States for the last 12 months. Among the highlights are expected to be an increase in the number of overall rentals, in addition to a higher median price for rentals, whether they are single-family structures or multi-unit apartments. The study should also show that rentals among those who are under the age of 30 are expected to grow, but more surprisingly, older Millenials between 30-39 are also expected to continue their rapid adoption of renting.
“It’s something we talk about a lot,” says Mike Jeppson COO of Specialized Property Management in Dallas and Fort Worth. “Since we manage a number of properties throughout the DFW area, we see that renters are getting incrementally older. It’s great for property investors and renters because it means that their tenants usually stay longer and tend to be more settled in their lives.”
One of the other trends that is expected to show an increase is rental tenure. On average, it’s been steadily increasing over the last few years which correlates to the increase in renting overall. Additionally, the overall percentage of renters with higher levels of income—over $60k in annual income ore more—are turning to renting as a way to keep their options open.
Locally, Dallas is one of the highest rental areas in the country behind only New York and Los Angeles—even beating out Chicago and other major cities for number of renters. For Dallas and Plano Property Management companies and others looking to do investment rentals, Dallas is the place to be. With affordable housing, ample supply and more people hopping on the rental bandwagon, there might not be a better time to get involved in real estate investing.
“For us, we see it as an opportunity to make sure everyone gets what they want,” says Jeppson. “Renters get the flexibility they want and investors get the return. Amazingly, it seems to work out for everyone.”