Return of the rental challenges US housing
Nov. 26, 2014, Vancouver - According to the November edition of the Wood Markets Monthly International Report, a combination of factors is driving home ownership down and rentals up in the US market.
The report notes that US home ownership has fallen to 64 per cent, which in turn lowers rental market vacancies to as low as 7.4 per cent. Culprits include tigher mortgage standards, which reduce overall housing starts and skew the balance in favour of building smaller, purpose-built rental units.
The report goes on to note that the Millennial generation's well-documented struggles to find decent full-time jobs has taken the lustre off home ownership. The authors expect that this will continue to drive lacklustre growth in wood products for US housing.
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