Property Management in Scottsdale, AZ: A Look at Current Rental Rates
There's no question that the national decline in homeownership since 2006, as reported by the U.S. Census Bureau, correlates directly to a rise in rental households in the same period. While the overall population of the United States grew by 4% between 2006 and 2011, homeownership rates decreased. By 2011, a total of 35.4% of households were rental households, up 1.3% from 2009. What this means, say professionals in property management in Scottsdale, AZ, is a lot of pressure on the rental housing market, and higher rents in most areas.
High rent is defined as rent and utilities that require more than 35% of a person's income. By 2011, this described nearly half of all renters nationwide, or 44.3%. Interestingly, average rents declined nationwide during that period, meaning that the percentage of income being spent on rent may be more a reflection of low incomes than high rents.
Congress is considering the adoption of new tax breaks for renters that will help them the way homeowners are helped by mortgage interest deductions. The Bipartisan Policy Center reports that government help currently flows to twice as many mortgagees as renters, and that the beneficiaries of mortgage interest deductions tend to be higher income earners, with renters being low and moderate income earners.
It may be another decade before homeownership rises to previous levels. Meanwhile, vacancy rates continue to be lower than normal in most metropolitan areas, with non-family households (people living with roommates) at an all-time high.
