Why Millions Of American Are Nestled In Rental Homes

Property Management and Maintenance

Why Millions Of American Are Nestled In Rental Homes

With hefty monthly rent, car payments, unpredictable family expenses, a mottled credit report and an empty savings account, it’s nearly impossible for an average American family pull together a decent down payment. The fact that interest rates are relatively low and lending requirements have been loosened has not prompted most Americans to advance for mortgages. Families whose household income averages at $100,000 annually are nestled in a starter home.

The market is improving and sales of existing homes is projected to increase to a maximum in the next six years and out of the total buyers, 32% will make up for first-time home buyers. The best property manager, agents and other real estate professionals will tell you how millions of Americans are stuck in rental housing unwillingly.

“The meaning of life is to find your gift. The purpose of life is to give it away.” ~Anonymous

Many Can’t Save For Down Payments

The market is just a few years out of the wrenching housing bubble and as it recovers, it would surely take some time for it to surpass how it was before the bubble. It’s sad that the nation’s homeownership rate has been declining for 8 years down to about 64% in the first quarter of 2015. At this time when renting is preferred to buying a new home, the best property managers in WA have a lot of tasks to do. With demand for rental homes rising, it means that many homes will be on use throughout and maintenance will need the hands of one of the top 10 property management companies in your area. Property management companies will be responsible for keeping the property in a good condition.

Increasing Cost of Renting

The rise in the cost of renting is partly attributed to expensive management practices. But with the hands of a property management company which is a home of the $99.00 property management fee, property management should be cheaper. Most of the people living in the rentals were once home owners who lost their homes due to foreclosure. With this, it’s obvious that most renters have spotty credit reports making qualification for a mortgage difficult. Even though the government has created some programs to encourage lenders to offer mortgages requiring a small down payment, reports shows that few people have taken advantage of those programs.

Changing Demographics

The dynamical demographics are causing significant shift in housing trends. It’s expected that most households in the coming years will be mainly composed of people with a minority background. These are the people who historically had fewer assets and lower incomes and therefore were not able to buy homes. At the same time, Millennials are struggling to find decent jobs and most of them are being saddled by the heavy student loan payments. Rental property owners are taking advantage of these and they need to work with a worry free property management company to ensure that the housing conditions meets with the standards of the current generation.

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