Red-Hot Rentals

Traditionally, the U.S. market has been dominated by homeowners and long-term apartment renters. However, over the last few years, short term rentals have become an increasingly hot market. In some parts of the country, this has led to increasing competition, as companies invest increasingly high amounts of money into constructing rental spaces.

Those hoping to find best short term rentals are in a position to apartment hunt like never before. Two of the largest U.S. home builders in the country, Toll Brothers Inc. and Lennar Corp., are building at astounding rates. Considering the current rental market, that’s not surprising. Apartment vacancies are currently at a 15-year low, with only 4.2% remaining available.

Although this has also led to a rise in rents, that rise has been concentrated mostly in dense parts of the U.S. markets. Traditionally highly dense cities such as New York City experience year round rates that are higher than the natural average. As shoppers move away from these highly dense cities, rental prices hit a more comfortable average. What can’t be questioned is the demand. Home ownership rates are continuing to decline as more and more people look to get into the apartment rental market.