Wednesday, 07 February 2018 01:05 AM
Company Update Financing Investor Relations
LOS ANGELES, CA / ACCESSWIRE / February 7, 2018
Renters Now Outnumber Homeowners in 22 More U.S. Cities
There are multiple credible studies by real estate industry insiders that report that 25 percent of America's most populated cities now have more renters in their citizenry than homeowners. The data used to determine this information was gleaned from certified statistics contained in the US. Census Bureau's public database. The studies utilize a ten year period that begins in 2006 and ends in 2016 as a sample to determine the trend toward renting and away from home ownership. The information is specifically contained in the US Census Bureau’s American Community Survey archives section of the publicly accessible census database.
In 2006 when the data began to be assessed, the number of renters only exceeded the number of homeowners in one fifth of the 100 largest cities in the United States of America. By 2016, a decade later, the number of renters had exceeded homeowners in almost one half of the same 100 largest American cities. This was a stunning increase of 22 cities with very large populations that contain more renters in the population than homeowners, and this growth in the amount of people renting over the number of people buying homes occurred in only a ten year period.
In the state of Ohio, the cities of Toledo, Cleveland, and Columbus all experienced more renters than buyers in this decade. In Florida, the cities of Hialeah and Tampa experienced the trend toward more renters than buyers. California had many multiple cities experiencing the trend toward more renters than buyers. These cities include Stockton, Anaheim, Santa Ana, San Bernardino, San Diego, Sacramento and Fresno. Other states were confined to only a single market. In Texas, renters exceed homeowners in Austin, Texas. Baton Rouge was the only city in Louisiana, and Honolulu the only city in Hawaii. Other single cities include Memphis Tennessee, Baltimore Maryland, Detroit Michigan, Minneapolis Minnesota, St. Louis Missouri, Chicago Illinois and Reno, Nevada.
In large cities, renting is becoming more popular causing even small properties to command high rents. New Jersey has the two cities with the highest ratio of renters to homeowners. These cities are Newark and Jersey City with Miami, Florida, New York, New York and Boston, Massachusetts following the New Jersey cities respectively. The number of renters in these cities exceed two-thirds of their populations. Oakland and Los Angeles, California as well Orlando, Florida has only slightly less renters to homeowners with four out of every six of their citizens renting.
It is an indisputable fact that the rent rolls in America are growing, but this does not mean that the days of homeownership are going the way of the dinosaur. One factor that impacted the numbers was the worldwide economic downturn. This made many former homeowners renters, and it made potential homeowners remain renters due to many uncertainties in the market and economy as a whole. In 2010, there was significant evidence that the tide of homeownership was beginning to increase dramatically. Had it not been for the economic crisis, the statistics may have been significantly different.
Launching NMS Properties in 1988, Neil Shekhter assumed the role of CEO in January 1995. The real estate management company focuses on multi-family and mixed-use properties in the Greater Los Angeles area and in Santa Monica. At present, NMS properties manages more than 70 properties.
Neil Shekhter - Founder and CEO of NMS Properties
Apartments For Rent in Los Angeles http://www.nmsresidential.com/
Apartments For Rent in Santa Monica http://www.nmsresidential.com/nms-1539-santa-monica-ca/
NMS Properties - Real Estate Management Firm: http://www.nmsproperties.com
Contact Information:
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SOURCE: NMS Properties, Inc.