There’s a real estate boom in many parts of the United States, including South Carolina. This has led to a short supply of affordable and low income housing in Rock Hill, SC and surrounding areas. To find the housing you need, COGUM Global wants you to be aware of four trends in the affordable housing market:
- Renter demographics are changing. Millennials are putting off buying a home. Instead, they’re choosing to rent for longer periods of time. Senior citizens also make up a fair portion of the renter population. This affects what’s built and the price points for these units.
- Supply is failing to keep up with demand. According to research, the United States has added only nine million housing units over a 10-year span. Multi-family rental units are crowded in urban locations and tend to be more exclusive developments with higher rents.
- Renovations are popular. Research indicates that over 11 million existing rental units built before 1980 need restoration. Many organizations are committed to fixing affordable housing to make it more comfortable and livable.
- Single-family rentals are popular. Single-family rentals are rising in popularity. Around 40% of American renters live in this type of housing.
If you need help finding affordable or low income housing in Rock Hill, SC, contact COGUM Global. See how we can help you and your family by reaching out to us today.