As an experienced property management company in the Kansas City metro area, we watch the local and national rental trends closely.
According to a new poll of 2000 adults, even though rents are going up, most renters are not ready or wiling to purchase a home yet. They also say most renters have positive feelings about renting. The idea that rising rent does not motivate renters to buy, is contradictory to what the typical housing market experts think. This leads many to believe that the rising rents are due to rising demand.
Also. according to the U.S. Census Bureau, more than 33% of households are renters. Rents are expected to rise more than 3% this year, almost the same as last year. The increase has affected 38% of renters in the last two years. Most of those who have experienced an increase are not able to afford to buy right now and 44% are currently looking to purchase.
Most experts agree that the demand for rental housing is increasing and an over 400,000 new units are needed each year to keep up with demand.
Two thirds of renters say they are very satisfied or moderately satisfied with renting. Most cite no maintenance costs, more flexibility in where they live and no worries about the declining real estate market as their top reasons to continue to rent. These numbers have risen slightly over survey responses in the past. In addition to that; almost 50% of renters say they like where they live and will stay in their current place.
Good news for our Kansas City homeowners and investors who want to stay in the rental market! If we can help you with property management anywhere in the Kansas City metro area, please contact us!
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