Apartment Rentals Increasing
Apartment rentals are on the rise, which may seem a little odd during a slow economy. If you really think about it, the increase in apartment rentals actually makes perfect sense. With all the foreclosures on homes because of the slow economy, you have to wonder where all the people who lived in those houses are going. Simple – they are renting apartments.
Apartment Renters Are Staying Put
According to an article in BusinessWeek magazine, fewer people are moving out of apartments to buy homes. In fact, the rate of people moving out of apartments to buy homes is around 14 percent compared to 20 percent last year. There is also the fact that lending standards have gotten stricter, making it more difficult to qualify for a mortgage.
Apartment Rentals Make Sense in Slow Economy
The article also mentions that renting an apartment makes more sense to a lot of people during uncertain financial times. To some it is a much safer feeling to be locked into an apartment lease instead of being locked into a mortgage. The parts of the country where there is an increase in apartment rentals directly corresponds to the parts of the country where the job market is going strong. Areas that have seen a decrease include Florida, California, Arizona, Nevada and New Jersey, according to the article. Areas that have seen an increase in apartment rentals include Tacoma, Seattle, San Francisco and Oklahoma City.
Apartment Rentals: Searching Made Easy
Apartment rentals being on the rise means that the vacancy rate across the nation is going to be lower. It also means that finding apartments that are available is going to get more and more difficult without some assistance. ApartmentSearch.com is a valuable tool for people who are trying to find an apartment to rent. Our search function makes it easy for the apartment hunter to visit virtually any complex and apartment management office without ever leaving their home.