1.7 Million New Renters Expected to Hit Market in Next 3 Years

Property Management Company in Los AngelesWe may continue to see the number of families purchasing homes to decrease according to Freddie Mac’s Multifamily Research Group’s Real Estate Demand Forecast, which issued a new marked demand forecast last week. According to Freddie Mac, renters entering the market are expected to dramatically increase over the next three years.

What’s causing the increase in renters?

According to Freddie Mac economists, a slowed economic recovery, low availability of new construction and harsh barriers to purchase a home, could all dramatically impact the surge of more renters in the market.

New information also shows that the single-family rental market has grown 16% since 2007, suggesting renting is popular across housing product types

For multi-family investors, the newest data sheds continued light on the strong demand for investing in multi-family assets.

“This latest data continues to support what we have seen with our clients since 2008,” says Trevor Henson, COO of First Light Property Management, Inc. “The multi-family market shows significant promise and it is clear that renting is becoming more and more of a solid housing option for American families.”