Since the housing meltdown, more people are renting a place to live because the financial reality is they can’t buy.
A lot of other people simply prefer to rent.
The two groups are spawning a fundamental shift in housing for the first time in years. It is a national trend that is crystallizing in the Beaufort area.
Rentals will be in demand for a while. The pendulum has swung,” said Mahesh Pattabhiraman, chief lending officer for Miami-based Apollo Bank.
“A lot of people with bad credit won’t qualify to buy a home. And because of the crisis, some people are not convinced it’s the right time to buy.”
With strong competition for rental apartments, professionally managed apartments in Ridgeland enjoy consistent occupancy, drawing heavily on young professionals like who love the urban vibe.
While the American Dream of homeownership hasn’t disappeared, more people are seeing renting as the best option for where they are in life now.
Many apartment homes have gleaming pools with apartment amenities including gorgeous grounds and fitness center that you could not afford if you owned. But the clincher is often the commute from apartments to work, since often one cannot afford to live where they work when they own a home.
The kind of home many would want to buy would be at an astronomical price. Other advantages to renting such as lifestyle flexibility, freedom from property taxes, and not having to ante up a huge down payment have more young professionals and baby boomers renting.
This craze society went through, buying a home as soon as possible, really wasn’t good economics,” said Michael M. Adler, CEO of Adler Group. “It’s much healthier for a community to have a balance between ownership and rentals.”
Home ownership has dropped significantly. Look at the problems people are having with credit: It’s still hard to get a mortgage. And baby boomers don’t want to deal with the headaches of a broken pipe.
There is a big uncertainty in buying a home and whether it will hold its value which is contributing to people wanting to rent.
Interested in renting an apartment in Ridgeland, SC? Contact Auston Chase.
Excerpts from LoanSafe.org