Our blog recently discussed how to take care of your rental property and we have an interesting update on the matter. In short, no one thinks of 2008 without cringing. The impact of the financial crisis was far and wide and devastating for many Americans. The consequences of Wall Street’s implosion still resonate throughout the nation. Today, we’ll discuss one fascinating aspect that has influenced the buying choice of many people.
As was widely reported years ago, people lost their homes and savings. Subsequently, as people got back onto their feet new fiscal scenarios confronted a lot of individuals and families. In the aftermath of the financial disaster, people were unable to purchase new homes. However, the desire for a home of one’s own still burns bright. Thus, statistics show that those individuals precluded from buying a home are looking into the rental market. That’s right – rentals are the new appreciating commodity in the housing market. This presents a fascinating opportunity for those living in the Detroit Metro community.
What with the availability of many houses deemed inexpensive through foreclosure or location, purchasing a property as an investment seems all the more enticing. People are looking more and more for single-family homes to rent. In fact, Generation Xers (38-52) make up the strongest demand with approximately 40% renting a home. The average rental cost for a single-family home in the Detroit Metro area is $1,141 with 16% of the overall housing market making up rentals. These are strong indicators of a trend that seems not to be going away. House rentals have appreciated 4.4% in the top 30 Metropolitan areas, with Detroit coming in at number 12. Although it’s an obvious enormous responsibility to take on another home and become a rental property owner, perhaps the time is now to make that leap or be invigorated that that dream of having a house is quite the viable option.
Check out more statistics in the article below.