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.