Thanks to a recent report by ABC 10 in the Stockton area, we know that rental homes are outpacing apartment growth in Stockton. The primary reason for this trend could be due to the fact that more people are flocking to the Stockton area to avoid high rents and the high cost of living in the Bay Area.
Another reason why more people are choosing rental homes versus purchasing a home outright has to do with the fact that renting versus buying is the preference now for most people in California.
It’s not uncommon to find people from Millennials to the Baby Boomer generation renting homes because many people cannot afford to save the amount of money which is required to purchase a home in California.
Sacramento Is Also A Booming Rental Market
Another area in California where the demand for single-family rental properties has been increasing is Sacramento. Like Stockton California, renters in the Sacramento area prefer to rent single-family homes versus apartments or other multi-family rental properties.
Why Do Some Renters Prefer Single-Family Homes Vs? Apartments?
The big question that most investors have asked over the last 10 years is why do some renters prefer living in single-family homes first Apartments? Especially when most apartments these days come with a wide variety of amenities like Swimming Pools, Spas, clubhouses, laundry facilities, and so many more amenities?
Unfortunately, the answer to this question depends upon a renter own personal preferences. Many people like rental properties that are single-family homes because, there’s a general appeal of a single-family home that can’t be met in an apartment but, in today’s society it does seem like more and more renters are opting for the convenience and amenities that multi-family rental properties offer them.
Stockton also had the third highest net gain of single-family housing in the state, turning more than 12,000 homes into rentals. In Sacramento, home rentals increased by 33 percent while apartment rentals grew by nine percent.
Nationally, from 2007 to 2016 single-family rental homes in the U.S. grew by about 30 percent while apartment rentals grew by about 15 percent.
Many single people opt for living in houses with roommates and many baby-boomers choose to downsize and rent out their homes.
Get Professional Property Management Here
To get Professional Property Management for your Central Valley rental property contact RPM Central Valley today by calling us at (209) 572-2222 or click here to connect with us online.