Reprint from Elk River Star News & Anoka County Shopper, "Real Estate News by Stephanie Danielson" 8/5/17 issue
Despite the rebounding housing market, the national rate of homeownership rate was 63.7% in the second quarter 2017, up slightly from a 48 year low of 62.9% in the second quarter of 2016. This low homeownership rate equates to an exceptionally strong demand for rental housing.
A decade after the housing bust destroyed the dreams of millions of Americans, more U.S. households are headed by renters than at any point since at least 1965, according to a July 2017, Pew Research Center analysis of Census Bureau housing data.
The total number of households in the United States grew by 7.6 million between 2006 and 2016. But over the same period, the number of households headed by owners remained relatively flat, in part because of the lingering effects of the housing crisis.
Meanwhile, the number of households renting their home increased significantly during that span, as did the share, which rose from 31.2% of households in 2006 to 36.6% in 2016. The current renting level exceeds the recent high of 36.2% set in 1986 and 1988 and approaches the rate of 37.0% in 1965.
This trend is projected to continue for some time due to factors such as; rising home prices, student loan debt, delays in marriage and childbearing as well as economic and housing market uncertainty.
While this scenario makes it tough to be a tenant - this is a GREAT time to be a landlord!
Acuity Group’s Property Management Department has a waiting list of qualified renters. When offering a new property for rent, we are securing a qualified tenant within 5 business days or less!
Click HERE To hear more about Acuity Group's hassle free Property Management Services
564 Dodge Ave. Suite A ~ Elk River, MN 55330
www.ACGProperty.com ~ 763-633-3535
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OUR SPECIALTIES: Residential & Commercial Seller and Buyer Services, Property Management & Residential Rentals, Residential and Commercial Investment Property Specialists, Listing & Marketing Specialists, CDPE (Certified Distressed Property Experts), Short Sale Specialists, REO/Bank Owned Sales. Golf course properties, water front properties, acreage & hobby farms, vacant land, condos & townhomes, industrial/manufacturing/retail properties, association maintained properties, senior housing, luxury homes, vacation & secondary housing.
Serving the following Minneapolis Cities & Suburbs: Elk River MN, Zimmerman MN, Big Lake MN, Rogers MN, Otsego MN, St. Michael MN, Albertville MN, Princeton MN, Ramsey MN, Anoka MN, Nowthen MN, Monticello MN, Oak Grove MN, Burns Township MN, Champlin MN, Dayton MN, Hanover MN, Coon Rapids MN, Blaine MN, Fridley MN, St. Francis MN, Livonia Township, Andover MN, Becker MN, Baldwin Township, Orrock Township, Plymouth MN, Maple Grove MN, Osseo MN.
Serving the following Minnesota Counties: Sherburne, Anoka, Wright, Hennepin and portions of Mille Lacs and Isanti Counties