7/2/2012 - Rental housing demand surging
A new study indicates that one of the best aspects of the real estate market is the rental industry, as demand has been solid for a considerable amount of time.
According to the Joint Center for Housing Studies of Harvard University, while the housing sector as a whole has had its difficulties, the rental market has expanded, growing by 5.1 million renters in the past decade.
"Rapidly rising demand has pushed rental vacancy rates down across the country, sparking widespread rent increases," the report stated.
Researchers indicate that in 38 of the 64 markets tracked, rents have outpaced inflation and values have similarly risen, jumping 10% in the last three months of 2011 and by more than 34% from 2009.
Despite demand for rental properties on the increase, recent analysis indicates few consumers have renters insurance
. The Insurance Research Council found that while 96% of homeowners have homeowners insurance
, just 43% of renters have coverage for their apartments.