According to the Urban Institute (UI), the rental market is about to take off in ways that have not been seen in decades. UI predicted that over the next 15 years, millennials, young adults who reached maturity during or in the wake of the financial and housing crises, will reach peak home-buying age and, in large numbers, find themselves ready to form households but unable to purchase properties. This will ultimately lead to a 13 million renters in the population by 2030, which exceeds the projected number of rental units expected to be available at that time by fully 4 million[1].
Because of this trend, many investors are now interested to get involved in the rental market either by purchasing existing properties to turn into rentals or by investing in new construction. “The rapid growth of the renter population will create significant demand for new rental housing construction and encourage a shift of owner-occupied dwellings to rentals,” predicted UI. Owner-occupant household formation will likely be driven in significant part by senior households headed by those 65 years and older.
For further details please check the link below: http://realtormag.realtor.org/daily-news/2015/06/12/report-renter-growth-explode-2030
