Increase in Population of Renters and Rent Price

The population of renters is growing and so is the price of renting.   Over the past five years, rents rose 7.6% and are expected to rise 16% by the end of 2017.   The current average rent is $1,049, and it is expected to reach $1,215 by end of 2017.

With the housing recovery, property foreclosures, strict real estate lending standards, rising home prices, and a growing number of retirees and empty nesters, more people are renting, and apartment builders are unable to keep up with the demand.   The high demand of rental properties is good for real estate investors looking to buy and hold, since real estate builders are not meeting the demand and renters are seeking renovated properties to rent.

How are you handling the increased demand for rental properties?