Finding a home that you can afford is an issue that faces potential homeowners as well as home renters. Property values continue to rise and that effects everyone.
Between the first time renters and people looking to downsize, millions of people enter the rental market everyday. New renter households have increased by nearly 9 million in the past 10 years!
The rental market is unable to keep up with the demand, this ensures that affordable rental housing is in short supply. There are some estimates that claim that there are only 7.3 million affordable rentals and over 11.2 million people looking to rent one.
Multi-family housing is also suffering, the outlook for the future of affordable rental housing is looking grim.
A New Opinion Survey released by Freddie Mac Multi-family, shows where we are in the market and where the market is heading.
42% of the people surveyed stated that they were less optimistic about affordable renting today then they were last year. Many believe that it is the rising costs of land and construction that are posing the biggest threats to the industry.
When asked about the areas that the rental industry should focus on in order to address the nation's affordability crisis, many of the responses stated that enhancing energy efficiency, increasing the supply and addressing the housing needs of senior citizens were on the top of the list.
There are many organizations that help provide affordable rental housing, do some research before you sign that lease and find the best deal for you and your family.