There has been a massive trend towards renting. The vast majority of household growth since the housing bubble imploded has been with rental households. I know this is hard to believe for Taco Tuesday baby boomers but this is simply the new reality. And all of those investors that bought up single family homes for rentals are living it up. There are now a few major changes impacting the housing market – many more single family homes are rentals and many more renters are staying put. In other words, many are not looking to buy and builders realize this. There is now a large category of permanent renters since many people live and work in more expensive metro markets. Short of forking out an insane amount of money to live in say San Francisco, people are opting to rent. The proof is in the numbers.
More renters are not moving
Many households used renting as a bridge before venturing out and buying a home. But more people are renting and staying put:
This post was published at Doctor Housing Bubble on Oct 14, 2017.
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