Today, numerous apartments in Myanmar, in America, and in the rest of the world have been built. In fact, a lot of people, especially those living in the downtown areas are staying in apartments as they are relatively cheaper compared when one stays in a condominium. Most of those people living in apartments usually rent a particular unit and pay their owners on a monthly basis.
Apartment rentals have been very common in the past few decades, but businessmen actually expected this business to decline later on. As buying one’s own house has been one of the greatest American dreams, they expected that as past millennials grew into their homebuying years, only a few would remain to avail apartment rentals.
Demands by the Numbers
Nevertheless, the odds seemed to favour the apartment rental businessmen, as the trend did not go quite as how it was expected to turn out. In fact, in the second quarter of this year, the demand for apartments skyrocketed to an eleven percent increase. According to a reliable real estate software and analytics company, RealPage, this influx of customers pushed the average rents to almost one thousand four hundred dollars following a roughly three percent increase.
Factors that Consumers Consider
What seemed to be even more surprising was many renters claimed that renting cost way lesser than actually buying their own houses– a result retrieved from a survey conducted by Freddie Mac. Specifically, eighty-two percent of respondents, an increase from last year’s sixty-seven, confided that they like renting apartments better.
Therefore, it further fuelled the proposition that affordability is one of the major factors which consumers consider whether which is better– renting an apartment or buying a house. In addition, there are also a lot of things that are needed to be done in building one’s own house which may include its size, location, structure, and design.
Lastly, as much as renting apartments in Myanmar remain a marketable niche, major cities in the United States such as Dallas, Washington D.C., Houston, Chicago, and New York City also experience the same thing. Furthermore, the said cities lead the mass demand of apartments in the America.