Landlords of Apartments in Newnan GA notice distinct trends that develop over time in the residential rental market. They may not be aware of state and nationwide trends, however, that could be of interest.
Percentages
For example, about 11 percent of Georgia residents rent apartments. That’s right about in the middle between extreme high and low percentages, such as less than 5 percent of residents in Idaho and West Virginia. In contrast, more than 24 percent of New York State residents live in rented apartments.
Demand
Owners of Apartments in Newnan GA may have noticed an increased demand for these homes in recent years. The Pew Research Center found in 2017 that more households are renting now than at any time in the previous 50 years. Experts theorize that this trend is connected with the home ownership implosion of the Great Recession, when foreclosures increased dramatically and house prices plummeted.
Reasons to Rent
Surveys with renters indicate that about 3/4 of them would like to buy a house one day. For now, however, they have a variety of reasons for not doing so.
Many simply don’t have the down payment. Others don’t want to go into debt for a large amount of money. Some feel nervous after seeing what happened during the foreclosure crisis. They are still waiting to learn whether this housing market seems stable for the long term.
Another faction of renters can afford to buy a house, but they enjoy the freedom they have with leasing a home instead of owning one. By renting a unit in an apartment building or fourplex, they aren’t responsible for lawn care, building maintenance or repair work.
If anything goes wrong in the apartment, they call the landlord for help. They don’t have to pay for repairs to the plumbing or the roof. The only exception would be if they are responsible for damage, such as causing a stubborn drain clog that requires professional assistance.
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