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"What is the proportion of home sales that are made for the purpose of rental properties?"
Approximately 14% of home sales in the United States in 2023 were for rental properties, a relatively stable proportion over the past few years.
48% of rental housing units in the United States are in properties with 1-4 units, highlighting the significance of small-scale landlords.
Most (77%) of landlords of properties with 2-4 units manage them themselves, indicating a strong DIY approach in the rental market.
34.0% of households rent, the lowest rate since 2010, indicating a shift towards homeownership.
Historically, the lowest ratio of renters was 30.8% of households in 2004, highlighting the fluctuations in the rental market.
Since 2010, the highest ratio of renters was 36.3% of households in 2016, indicating a peak in rental demand.
Renters are 17.87 more likely than homeowners to be behind on housing payments, emphasizing the financial struggles of renters.
Only 12% of recent renters used online resources when searching for a rental, highlighting a potential gap in digital adoption.
The median household income for renters in new single-family rentals in 2018 was $63,000, significantly lower than the $114,000 median for homeowners.
36% of single-family rentals are owned by individual investors, highlighting the role of small-scale landlords.
More than half of rental properties were constructed between 1960 and 1999, indicating an aging rental stock.
44% of rental properties are suburban, while 41% are urban, highlighting the diverse geographic distribution of rentals.
18.12% of occupied rental properties were constructed in the 21st century, indicating a relatively slow pace of new construction.
FSBOs (For Sale By Owner) accounted for 7% of home sales in 2023, with a typical sale price of $310,000 compared to $405,000 for agent-assisted home sales.
The market for single-family rentals is growing as homeownership wanes, with 77,000 single-family rentals added in recent years, highlighting a shift towards rental living.
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