Renter households increased from 34 million in 2005 to nearly 43 million in 2015. The increase of nearly 9 million renter households between 2005 and 2015 exceeds growth during any 10 year period in recent history.<\/p>\n Renting is becoming more common across income groups and household types<\/strong><\/p>\n Eighteen percent of the growth in renters in 2005-2015 was households with incomes of $100,000 or higher (1.6 million); 38% was from those with incomes of $25,000-$99,999 (3.4 million); and 45% had incomes of less than $25,000 (4.0 million).<\/p>\n Households of all generations rent, and are doing so in larger numbers<\/strong><\/p>\n The largest share of the growth in renters in 2005-2015 \u2013 55 percent \u2013 was among households age 50 and older (Baby-boomers and older); 34 percent was among households age 30-49 (Gen-X), and 11 percent was among households under age 30 (Millennials). Multifamily housing starts are rising<\/strong><\/p>\n Multifamily starts were at a 401,000 unit annual rate in the first nine months of 2015, more than 3.5 times the all-time low of 108,900 units in 2009 and higher than at any point since the 1980s.<\/p>\n Vacancy rates are down and rents are up<\/strong><\/p>\n The national rental vacancy rate averaged 7.1 percent in the first three quarters of 2015, its lowest point in 30 years and down from a record high of 10.6 percent in 2009. Rents for professionally managed apartment rents grew even faster \u2013 according to MPF Research\u2019s same-store measure, nominal apartment rents were up at a 5.6 percent annual rate in the third quarter of 2015.<\/p>\n All major metro areas saw rent growth exceed overall inflation in the third quarter of 2015. Year-over-year increases in markets in the South and West were especially large, with real rents in 32 metros climbing 5.0 percent or more.<\/p>\n SWET Construction Group<\/strong><\/p>\n SWET Construction Group is an industry leader in the construction and renovation of multi-family housing, apartments, condominiums and commercial building throughout the Southeastern United States, offering cost-effective plans, fast and attractive flooring, interior design services, drywall, metal framing, paint and waterproofing.<\/p>\n Contact SWET Construction Group for your next project.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The recently released,\u00a0America\u2019s Rental Housing: Expanding Options for Diverse and Growing Demand, report by The Harvard Joint Center for Housing Studies, reveals many important facts about the growth in the multi-family housing construction. Key Facts released by the America’s Rental Housing Report Millions more rent as rentership rates rise Renter households increased from 34 million… Continue reading Rental Housing Report Shows Growth In Multi-Family Housing Construction<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[57],"tags":[30,25,22,21,20],"_links":{"self":[{"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/posts\/1374"}],"collection":[{"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/comments?post=1374"}],"version-history":[{"count":12,"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/posts\/1374\/revisions"}],"predecessor-version":[{"id":1393,"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/posts\/1374\/revisions\/1393"}],"wp:attachment":[{"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/media?parent=1374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/categories?post=1374"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/swetconstructiongroup.com\/blog\/wp-json\/wp\/v2\/tags?post=1374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"contstruction](\"http:\/\/www.swetconstructiongroup.com\/blog\/wp-content\/uploads\/2013\/09\/contstruction-working-together.jpg\")
Millions more rent as rentership rates rise<\/strong><\/p>\n
\nThe number of renters aged 50 and over grew 50 percent in 2005- 2015, from 10 million to 15 million.<\/p>\n
\nThe consumer price index for contract rents shows an average nominal growth rate of 3.5 percent for the 12 months ending September 2015.<\/p>\n