Earlier this summer, CoreLogic released their Rental Applicant Risk report for the first quarter of 2013. The report was encouraging for current and prospective renters all over the country.
The report details that during the first quarter of this year, the Renter Applicant Risk (RAR) index was up two points to 104, which is considered healthy. This new number is also up from the 99 that was reported at this time in 2011. Any number above 100 means that applicants have better credit and are most likely able to meet their lease requirements.
“As the economy continues to grow slowly, conditions appear cautiously optimistic for continued improvement in renter applicant qualifications in the year ahead”, says CoreLogic Safe Rent senior director Jay Harris. “During this relatively upbeat period, renter trends are pointing toward increased confidence among property owners and applicants.”
Additionally, national apartment vacancy rates are falling. The U.S. Department of Commerce reports that rental vacancy rate declined more than one percent in the second quarter. And according to Wells Fargo, “Solid fundamentals and employment growth are expected to continue to support the rental market.” This just further proves that the rental market is making a major comeback.
Rental properties are in high demand, encouraging renters to move quickly when choosing a new apartment. Renters, especially in today’s market, are able to get better, bigger, and nicer apartments by choosing to rent instead of buy. Arcadia Run is a perfect example why. We provide the absolute best apartment buildings in Manassas. We take care of maintenance costs and our renters have access to a gym, walking and jogging trails, a soon-to-be pool, and much, much more. Those who buy a home might never have access to these types of amenities without paying a huge price.
Upscale apartments offered at reasonable rent have proven to be extremely popular. Our apartments are newly built with the best amenities and features, and nestled in an ideal location. It couldn’t get any better than this! The rental market won’t be slowing down any time soon with more renters than ever choosing this active lifestyle. Renters get the best of all worlds when they choose Arcadia Run.
Aol Real Estate
The Wall Street Journal Market Watch
Earlier this year, the National Multi Housing Council and the National Apartment Association published an infographic brochure that outlined the incredible impact apartments have on the economy. The numbers were shocking to many, but here at Arcadia Run, we weren’t too surprised. Apartment buildings aren’t always considered to be revenue-generating buildings, but this is just a common misconception. In fact, apartment buildings have a hugely positive impact on the health of the economy.
Apartment living has become more popular in recent years, which means more buildings are being constructed to keep up with the demands. Building just one apartment complex is a huge production. Contractors, builders, designers, and suppliers all need to be hired in order to bring a plan to life. In the past five years, the apartment industry created an average of 260,000 jobs per year and supported 662,000 jobs. Not many industries can support or create nearly this many jobs.
The construction of apartment buildings aids the economy in monetary terms as well. The apartment industry is a $2 trillion industry. Buying and planning an apartment is costly, and much of the money spent encourages economic recovery even further. After the initial building of the apartments, there will be upkeep and maintenance costs. This supports jobs and brings in revenue and taxes as well.
An increase in rental properties has transformed communities and neighborhoods. They add diversity within the residents that might not be possible when buying homes. Rental properties also add incredible value to an area and give the local economy a deserving boost. Building just 100 new apartments in your neighborhood will create 32 local jobs, $2.3 million in local revenue annually, and $400,000 in taxes and other spending. Renters are also more inclined to spend their money locally, within walking distance of their apartment, which can support local shops and stores.
So, what does this mean for you, the apartment tenant? Well it means that just by renting your apartment in Arcadia Run you will help to improve the economy. In times like today, economic recovery is always a welcomed effort. You can enjoy the diversity of your apartment community and adopt a new appreciation for apartment living.