Have you wondered why rents continue to rise year after year? A great number of home sales since the burst of the housing bubble have been for use as rental units! And with a continued increase in home values, it’s no wonder! And to add insult to injury, renters trend towards staying in their units for longer durations!
There are now a very large number of renters, mostly because as housing prices rise, affordability becomes more and more difficult. This is particularly true in larger, more expensive metro areas.
And keeping in mind the mobility of the workforce with people changing jobs now on average every 2-3 years, it’s no wonder that fewer are putting down roots!