Even though the U.S. economy continues to improve, Americans are still house-shy thanks to the housing bust a few years ago. In 2017, Pew Research reported that more households were opting to rent instead of buying a home. The number of renters was at a 50 year high in 2017.
Now, two years later nothing has changed. Why renting has become the better option?
Why Not Buy a House?
The truth is putting together the downpayment is too much of a challenge for many families, especially when combined with high fees and borrowing costs. The added expense of buying a home is just one of the reasons modern families are drawn to apartment life.
No Repair Bills
It’s one of the first complaints you get from new homeowners. If something goes wrong, they have to pay to fix it. Renters, though, simply go online or pick up the phone and make a maintenance request.
No Real Estate Taxes
Renters enjoy not worrying about that yearly property tax bill. That becomes someone else’s problem once they find the perfect housing complex.
Put on-site fitness center or gym at the top of the list. Even the casual athlete will look for a gym when apartment shopping. Those who take fitness more seriously want a full-blown onsite fitness center.
The Bullish Rental Investment Market
Today’s modern consumer is happy to live in a community complex if it has all the right perks — that is despite the slowing rising cost of the rent. On average, rent is going up about three dollars a month with the median at about 1,469 dollars and higher in key metro areas like San Francisco and Las Vegas.
Management companies and residential property investors are finding their occupancy rates are bullish, as well. On average apartment vacancy rates are at 4.8 percent, although higher is some major cities.
With both rents and occupancy rates high, now is the time for investors to buy or upgrade housing complexes.
It’s a trend that hasn’t changed in over 10 years. Consumers want to rent not buy but only consider complexes with the right amenities like a gym or fitness center.
Contact Fit Supply for more information on multi-family fitness centers.