Rental Housing Shortage

Here’s an interesting slant about the shortage of available rental housing. We’ve all heard that there’s a scant supply of available homes to purchase. Additionally, there is also a severe shortage of available rental housing.

People are looking for homes to rent.  And they’re not having much success in finding a rental. As a result, people who are looking to rent are being forced to rent, in many cases, housing that is not adequate for what they need. It may be too small, it may not be in the best location, or the proper school district. And what they can find may not be in great shape or it may actually be too large and too expensive.

But if those are the only units that are available, one has no choice.

How Many Units Will We Need?

A recent estimate I was reading is that every year, we will be needing a minimum of 325,000 new apartments. And  it’s projected that this need will continue for a number of years. Now let’s put this last statement into perspective. Between 2012 and 2016, only 244,000 Apartments were constructed. This partially explains why young adults are still living with their parents, because there is no place else.

What’s Available?

Now let’s look a little closer to home. As of today, 6/1/19, there are 168 rentals listed as available in Monmouth County, according to the Multiple Listing System. Only 19 are in Freehold Township. The average Freehold condo is available for only 23 days.

Now let’s look at single family homes for rent. In Freehold Township there are 3 single family homes available. Do you want to rent an adult community home in Freehold? Sorry, there aren’t any available. In fact, in all of Monmouth County there are only 13 adult community rentals available.

Bottom Line

There severe shortage of available rental housing is alarming. Some people either must or prefer to rent. And some of these people may be able to purchase, but they don’t want to.

How will we make up the shortfall? Frankly I don’t know.

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