Next 10 Years Could See 6M New Renter Households

Next 10 Years Could See 6M New Renter HouseholdsAn estimated 5 to 6 million new renter households will emerge over the next ten years, creating challenges for renters that include tight market conditions and potentially higher expenses.
The renting boom also poses a challenge to the housing market, which must accommodate a range of potential clients, including baby boomers, echo boomers (young adults moving out on their own), post-foreclosure homeowners and recent immigrants.
These findings come from the Bipartisan Policy Center’s (BPC) Housing Commission, which has released an infographic detailing the “intersection of supply and demand in rental housing.”
Click on the infographic below to enlarge.
The infographic defines three factors that contribute to the composition of the rental housing stock: conversion of single family homes, construction of new apartments, and losses due to deterioration or demolition.
Single-unit rentals make up more than one-third of the available supply.
“These homes require very different approaches to maintenance and management, and create distinct financing challenges, as compared to large multi-unit buildings,” concludes the BPC.
Click on image to enlarge.

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