The rental market has been strong and demand by investors for single family and multi-family rentals has been strong as a result. In our local market, there is plenty of competition for rental property and the best deals go quick, real quick. Based upon data in a new report from the Bipartisan Policy Center I would say we can expect this demand to continue for some time as the report projects there will be five to six million new renter households forming in the next ten years alone.
In addition to the increase in renter households, the report points out there has been a decrease in the supply of rentals with over two million rental units lost in the past decade due to conversions to owner-occupied units or demolition and that the median age of rental units has increased by almost 50 percent in the last two decades. Meanwhile, new home construction is at an all-time low and multi-family construction has declined significantly as well. All of this points to a robust rental market for the foreseeable future.