Champagne, Illinois (PRWEB) September 04, 2012
WMTV reports that rent prices are skyrocketing and individuals who opt to rent an apartment in lieu of buying a home may not access the monthly savings that they are looking for. In fact, the surge in demand for rental homes may be the catalyst that has driven this increase in price. Bankier Apartments, an apartment complex located near the University of Illinois, is one housing company that is continuing to provide affordable rates to its tenants.
According to the report, Trulia, an organization that provides information regarding the housing market, has asserted that rent prices have increased faster than mortgage rates through the first half of 2012.
Oliver Chang reported through Morgan Stanley: "Rents are rising, vacancies are falling, household formations are growing and rental supply is limited. We believe the demand for rental properties will continue to grow."
In fact, the United States Census Bureau has stated that houses occupied by new renters have outnumbered houses occupied by new homeowners for the last five years. Before 2007, this had not occurred since 1985.
Bankier Apartments believes that the demand for rental properties will not slow significantly, as Millennials are looking for housing that will not threaten their financial wellbeing, and many families are not able to put a down payment toward a new home. "We have seen many reports about the preference of Millennials to rent rather than buy, as they have witnessed firsthand how the housing market can quickly turn," Bankier Apartments asserts in a recent press statement. "Now we are seeing the market react to the demand that this preference is putting on housing. While it is true that the economy is looking up, it is also true that many Americans have yet to recover from the financial blow they received during the recession. While more people have extra cash to eat out and make purchases at the local mall, many do not have the kind of extra money that is required to put a down payment on a house."
Bankier Apartments also mentions the fact that, before the recession, the housing market was unsustainable. Although sales and market values regarding homes were historically high, the housing market ultimately crashed. For this reason, the company is not worried by the fact that the market has not regained its former glory. In fact, the apartment complex looks forward to sustainable, healthy growth, rather than the development of another bubble.
Bankier Apartments caters to the needs of students and professionals living near the University of Illinois. With several floorplans of various sizes and prices, Bankier Apartments offers units that fit the lifestyles and budgets of diverse tenants. For this reason, Bankier Apartments is trusted as an alternative to dormitory style housing by students, as it offers a higher degree of privacy, and as an option aside from homeownership for professionals.
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