It may be surprising for many but rentals, are the fastest developing portion of the housing market. According to the Urban Institute, rental units have filled almost all of the housing demand in recent years. Furthermore, single-family rentals, which are either detached homes or townhouses, have increased by 30% in the last three years.
Millennials are one of the main factors in the rise in house rentals. Student loans and a reluctance to get a 30-year mortgage are all factors that have led this young generation to rent versus buy. a large supply of affordable rentals to be on the market.
With the housing market improving larger companies can no longer purchase single-family homes as cheaper rentals and most single-family home landlords own ten units or less. It is likely that this trend in single-family renting will continue. With the housing supply at a 20 year low, it is likely that a large segment of millennials or even older adults will rent rather than buy.
However, the only way the growth in rentals will be able to continue is if landlords offer these units at affordable prices. Since the vast majority of rental landlords own units or less they must rely on a property management system that saves them both time and money. RIS several features that are vital for efficient property management, whether a landlord that owns single family rental or have hundreds of rental units you will benefit from owning RISSOFT Residential and Commercial Property Management Software.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.