With the average cost of rent nationwide at $1,194 by the fourth quarter of 2014, and the vacancy rate at only 4.3%, lets take a look at what people are planning to do about housing this year.
According to a nationwide survey by Apartments.com, here are some facts about why renters are choosing to move or stay in their apartments, why more homeowners are turning to renting, and the most popular apartment amenities.
The top reasons for moving this year were affordability, changes in marital and relationship status and wanting more space. About 75% of the renters surveyed said they plan to spend either the same or less on rent despite current demand and increasing rents.
Over 60% said they are now spending less than $1,000 a month on rent, while 35% are forking out from $1 to $2,000 per month. With construction on the rise, the supply of rentals is soon to increase. But since demand for rental units is still strong, it’s anyone’s guess whether rents go up, down, or stay the same this year.
The top reasons that homeowners gave for moving to a rental this year was due to foreclosure, divorce, can’t afford it, or downsizing. The top reasons given by renters for moving this year was cost, relationship changes, more space and family.
For help with your next move, contact Discount Moving Co. – (855) 423-7987