Multifamily Housing Vacancy Rates At 5 Year Low
Multifamily Housing Vacancy Rates At 5 Year Low
The Commerce Department said Tuesday housing starts slipped 1.5 percent in July to a seasonally adjusted annual rate of 604,000 units. But starts on multifamily housing, often used for rentals, rose 7.8 percent to 179,000 units. The rise in multifamily units reflects an underlying trend in which rentals are increasing while the national home ownership rate declines. The percentage of people who own a home dropped to 65.9 percent during the second quarter — the lowest since the first quarter of 1998. That was down from a peak of 69.2 percent reached in late 2004. Surprisingly would be buyers are opting to rent even in cases where it makes more financial sense to buy. That’s right, even if it is cheaper on a monthly basis to buy many are opting to rent – presumably as a result of fear about the economy. If this is true, it seems that it would be a GREAT time to purchase multifamily investment properties.
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
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[email protected]
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