New lifestyle preferences mean tenants in US rentals want more open-air amenties and more space rather than cheaper rates. Renters also plan to move neighbourhoods but in the same city.
In Q3, US house prices rose across the board with 65% of metros registering double-digit increases. Single-family home prices rose in every one of the 181 metros included in the NAR report as the market shows no signs of flagging in 2020.
A recent study reveals that the Sunshine State is an even bigger favourite for relocation after lockdown. The new trend is particularly visible among Americans from the Northwest and East with New Yorkers especially keen to move. The implications for Florida population are huge.
The US rental market is set to see a surge in demand as more and more would-be homeowners find their plans to buy frustrated. The combination of high demand, low supply and tighter lending conditions is driving prices up. And for every US$1,000 rise, some 150,000 buyers will be disappointed.
Price hikes, lower inventory levels and fast sales in September set the tone for an unusually busy autumn for the US property market. Competition for homes will be fierce and many buyers will not be able to purchase the property they want. As a result, opportunities for buy-to-let investment will open up even further.
Ever-rising property prices and lack of supply mean that more and more households in the US are renting instead of buying. As a result, demand for single-family rentals in the US rose sharply in Q2 2020 to reach an all-time high.