Thanks to recent statistics we know that construction of single family homes has increased dramatically in the last year and roughly 12 percent of all single family homes in the United States can be considered to be rental properties.
What’s shocking about this is that one out of every nine homes which have been built over the last year has been a single family home and this trend shows no sign of slowing down.
Why Single Family Are Homes in Demand?
The traditional notion is that when people rent they generally rent apartments or units in other multifamily properties but, the fact that we have more Baby Boomer renters than ever before could be one reason why there’s been such a huge demand for single family homes in recent years.
35% More Single Family Home Rentals since Mid-2000’s
Since most Baby Boomers like the privacy that a single family home can offer them, and they prefer to not share walls, yard space or common areas with other tenants it’s easy to see that there are 35% more single family home rentals since the mid 2000’s
3.9 Million Rentals Single Family Homes Have Become Rentals
Over the last 9 years there have been close to 4 million single family homes which have become rentals across the United States which have become rentals compared to just 2.9 million apartments which have become rentals.
Time to Buy Is Now
If you’ve been thinking about adding more single family homes to your portfolio of rental properties in Portland Oregon now is the right time for you to buy especially since the demand for rental properties is only expected to increase in the next 5 years.
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