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Greater buying investment property opportunities in the USA
Date:-27-Jun-2011
Greater buying investment property opportunities in the USA
Rising tenant demand for rental accommodation suggests that now is a good time to be a residential property landlord and a good time for buying investment property in the USA, which explains why a number of investors are actively adding to their buy-to-let portfolios.
The volume of homeowners in the U.S. has been falling in recent years as more people are forced to rent instead of purchase their home, due to adverse the economic conditions.
Speaking at the National Association of Real Estate Editors conference recently, Stan Humphries, an economist with Zillow.com, said that the sluggish job market, falling home prices and persistent foreclosures have increased demand for rental accommodation in the States, especially in hard-hit areas like Tampa Bay.
Humphries said that as many as 2.2 million homeowners could transform to renters over the next couple of years, pushing up rental rates in the process. The economist projects that greater demand for rental accommodation will translate to higher rental rates of as much as 4.5% in 2011, compared to last year.
Humphries said that demand is rising mainly for smaller homes close to cities, like property in Orlando, rather than housing stock in the suburbs.
The prospect of more tenants in the future will appeal to those investors who see buying investment property as an opportunity to cash in on growing demand for rental accommodation.
