According to the US Census Bureau, the population of the United States grew by more than 4% from 2006 to 2011. However for that same period, there was only about 3% growth in the number of overall households. And while there was only about 2% growth in family households, non-family households grew at nearly 5%, which means more people are living with roommates who are non-relatives. Some of this accounts for the recent growth in the rental market. With the economic and housing crises over the past half decade, fewer people can afford to own their own homes, so the pressure is building on the rental market.
Rental Vacancy Rates DeclineAccording to a report on rental housing market conditions conducted by the U.S. Census Bureau, average rental vacancy rates declined in the US from 8.4% in 2009 to 7.4% in 2011. Nearly four times as many metropolitan areas saw declines in vacancy rates than those that experienced increases. Rental households increased from 34.1% in 2009 to 35.4% in 2011. One in four metropolitan areas saw a rise in rentals while less than 3% saw declines.
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