The housing market is on fire in DFW, but according to a new study from Harvard University folks who rent are also heating up the market.
Yeah, the U.S has seen its largest increase when it comes to the demand for rental properties than in any other decade on record.
Not surprisingly, rent is at its highest level since the mid 60’s. A lot of folks are paying more than half their salaries on a place to live!
“It was hard to save money for rent, and school stuff, and still have money for a house," said Andrew Phinisee from Dallas.
“This is America, so with supply and demand, there will be more apartments being built I assure you,” said John Pollock with Financial Gravity. He says there are lots of things keeping people from moving into homes. Incomes have fallen, millennials are putting off first time home buying until later in life, and it’s harder to get a mortgage.
“it’s going to be difficult, but really it’s the same old boring things that no one wants to hear. You have to live within your means, and then you got to plunker down on a house that's less than your going to want on your first house.” Pollock said
Pollock says while the rent may sting for a bit, he sees the trend changing
“You know in ten years from now we're going to be talking about how come no one is living in apartments anymore and they're all empty," he said. "So it's a cycle. It's a part of the cycle. We're right now in the demand part for the apartment building.”