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The MReport Webcast: Wednesday 3/9/2016

The single-family rental market has experienced dramatic changes over the last decade due to more consumers opting out of homeownership and higher rental costs due to an imbalance of supply and demand, but what does this mean for investors?

The New York University Furman Center and Capital One's National Affordable Rental Housing Landscape report showed that between 2006 and 2014, the renter population grew while more renters faced difficulty finding affordable housing in the 11 largest metropolitan areas in the U.S. According to the report, in 2014, 22 million more people chose to rent in metro areas compared to 2006 numbers. However, while the renter populations within principal cities grew by more than 9 million, much of the growth occurred outside of those cities.

New debt created by first-time homebuyers transitioning into homeownership and existing homeowners that are upgrading to larger homes growing a rapid pace, meanwhile, home equity loan balances have cooled off thanks to borrowers paying off debts. According to data from the February 2016 Equifax National Consumer Credit Trends Report, the total balance of outstanding first mortgages in January is more than 8 point 3 trillion dollars, an increase of 2 point 1 percent from same time a year ago. Conversely, during that same period, the total outstanding balance for home equity loans has steadily declined.

 

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
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