Although many rental property management officials are worried about the growth of the retail housing market and its effect on rentals, Freddie Mac's Multifamily Research Group recently assuaged those fears.
Accord to the research group, approximately 1.7 million new rental consumers – single people and families alike – are going to enter the market between now and 2015. Therefore, although the housing market may make a dent in rental rates, the market will most likely not experience the immediate falling-off that some analysts have predicted.
Additionally, the report notes that homeownership has declined in recent months due to increased economic stress, high unemployment rates and increasing home prices. Although rising home prices boost consumer confidence, they also leave many potential home buyers in the dust.
The report also predicts that rental demand will grow faster than historical averages, meaning that property managers should continue to receive the record numbers of rental applications they've been enjoying since the start of the recession.