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by Dan The Roommate Man | 09 February 2005
In the past two years, households that earned $ 50,000 or more annually and had the means to join the ranks of homeowners or continue owning the roofs over their heads represent the fastest growing segment of the rental market, according to the National Multi-Housing Council.
"These are people who may have purchased but choose not to," Kim told the duty NMHC Association National Editors annual conference of Real Estate "last month in New Orleans." His older, richer and better educated, but choose to rent for style of life, not for economic reasons. "
Since taxes sees it, "the pendulum is swinging back" in early 1900, when apartment living was considered elegant. "Changing demographics, changing lifestyles, new public policy initiatives and changes in apartment industry are all working together to increase apartment demand, "he told the meeting.
During the next decade, according NMHC research, the age groups two years of greatest growth are two of the most likely to select people of apartment in the 20s and mid-gap that nest in its 50th year.
After over 20 years of decline in the number, the population in the years to hire traditional (age 20-29) is expected to increase 11 percent over the next decade. During the same period, moreover, the number of people in the 45 to 74 years old age group will swell by 20 million dollars, and these are people who are far more likely to rent counterparts in previous generations.
Must, group vice president of communications apartments also said that couples the fastest growing portion of young families going to forward will be without children, singles living alone and households not connected, all of which have a higher propensity to rent than buy.
He cited "three fundamental reasons "these and other households choose to rent:
• A desire for hassle-free living people want to simplify their lives by reducing travel, shedding related household tasks and who live near entertainment, restaurants and shops.
• Financial incentives Many families want be able to take and pass a job and / or place to another at will without incurring the costs of buying a new place and selling the old one, "financial sanctions" few purchasers to consider. Others choose to rent, so they can invest their money in the stock market as opposed to their homes.
• services Superior Developments in the apartment sector is now offering a package of services and features that may not be reproduced in a family house, at least affordable. These include access to high speed Internet, security, built-in social opportunities, the caretaker of the site, the fitness center business centers and even movie theaters.
In addition, duty, she said, many of the apartments of today look and feel more like houses. They are larger and include finished such as garages, built-in, pre-cable entertainment centers, private alarm systems, granite countertops, oversized whirlpool tubs, gas fireplaces, and more ".
The NMHC also believes the Revenue Act of 1997 tilted the car-buying against the decision in favor of apartments. Now that the first $ 250,000 of capital gains ($ 500,000 for married couples filing together) is tax free, more homeowners are able to consider renting without being hampered by a huge tax debt.
In fact, the cluster analysis indicates that demand for apartments could rise to 10 per cent over the next years due to this change in tax laws alone.
On the supply side, meanwhile, renewed interest in smart growth and infill development is "what is easier to get new apartment construction approved," Duty said, maintaining that use the infrastructure apartments more efficient than existing houses.
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"Urban areas also realize that the lifestyle of the rental market is a key market for the purpose of trying to recruit middle and senior households income to repay the center, "said industry spokesman.
Finally, in contrast to the mom and pop apartment owners of old, most owners of large companies today are invested in the long term, not short-term tax benefits. And as a result, residents who have made the obtaining and maintaining "a very professional effort."
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