Rental Trends

Nov. 2014

According to a Zillow post Nov. 7th, 2014, one third of Americans are splitting the rent. The Zillow research team looked at the numbers behind this phenomenon and determined that from the years 2000 to 2012, the number of working age Americans sharing a home rose from less than a quarter of the adult population to more than a third.

Locally, Realist reports in the Columbia, Illinois zip code 62236 a total of 7946 households with a 21% population growth since 2000, and an average household size of 2.55 people. This report also reflects 77% owner occupied properties, 18% rented, and 5% vacant.

Remember, all real estate is local, and statistics can vary dramatically from one area to another. The Belleville, Illinois zip code 62220 from the Realist report reflects 7946 households with a 6% population growth since 2000, and an average household size of 2.44 people. This zip code (62220) reflects 56% owner occupant, 32% rented, and 12% vacant properties.

Rental costs have been increasing, and more households are doubling up to share the costs. This includes renting with a roommate and moving in with parents – or children.

Speculation is with so many possible new households and a lot of pent up demand ~ these doubled up households will start to split off into new rentals or home buyers as the economy continues to improve.

If you would like for me to run a free report for you on your neighborhood, or an area you are considering purchasing an income property, just give me a call at 618-781-2203. You can email me at barbara@barbaramarkham.com.

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