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Economist predict strong rental market

According to economists, the rental market will continue to grow and be strong for at least the next ten years.  The fastest growing segments of the US population (minorities, millennials, and singles) are choosing to rent.  Why?  Some point blame to the lack of consumer confidence following the crash of the real estate market. The amount of foreclosures depressed the home ownership rates.  Other contributors:

1.  Population segments that prefer to rent:

                - Minorities, which is the fastest growing segment of population

                -  Singles,  are fastest growing portion of households

                - Millennials, with high costs for advanced schooling, they are staying single and delaying homeownership

2.            Household growth:

                -  Long term:  We will add 13.6 million households by 2025 and an additionally 11.5 by 2035

                -  Minority growth rates higher than whites

                -  Advanced schooling and delayed marriage have delayed independence among young adults

                -  Millennials form 33 million household by 2035

3.            Homeownership rates

                -  Declined from 69.2% (2004)  to 63.7% (2015). 

                -  Declined from 69.3% to 58.5% for ages 25-44

                -   Projected to continue to decline with an average of 60.6% in year 2035

4.            Economic forecast

                -  Expect continuation of economic and employment growth with moderate interest rates and inflation

                -  Population changes and household formations should favor renting over home ownership into the near future.

Tony Drost, President, First Rate Property Management, Inc.

Tony Drost, Chairman
First Rate Property Management, Inc.
Boise, Idaho
Contact me for more information about the Investment Real Estate and Property Rental markets in Boise and Idaho.

Tony Drost
Boise Area Rental Market

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