Houston experienced increased number of renters

Houston is experiencing an increased in rentals.According to a recent report from My Fox Houston, the region is experiencing an uptick in home seekers opting for rental leases in place of mortgages.The report relayed that, during May alone, the number of rentals taking place for single-family homes increased by 20 percent.”We will have a greater number of renters than owners,” Wojciech Kic, president of ManageRentHouses.com, told the news source.Kic further relayed that Houston residents have typically been split between owning a home and renting one, however, as the real estate market continues to struggle, the demand for rentals will increase significantly.Tighter lending standards and higher down payments have discouraged many potential homebuyers from entering the market. Furthermore, as the region's job market continues to improve, many workers are moving away from homes they are unable to sell quickly. Thus, they have opted to rent their Houston properties out.”The folks that are leaving their cities still have to dispose of the properties that they own and before they do so they have to rent something because very few people can have two mortgages,” Vic told the news source.Courtesy of 2M Realty News?

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