According to a recent report by the Pew Research Center, more households are rented than at any time for over 50 years.
The report says that, even though US households expanded by 7.6 million in the decade to 2016, the number of homeowners remained rather static.
The number of households renting has increased from just over 31% in 2006 to 36.6% in December 2016, exceeding the levels of 36% in 1986 and 1988 and approaching the 37% seen in 1965.
It's important to note, however, that this does not signify less desire to own a home as Pew Center research last revealed that 72% of renters still want to eventually own a home.
Of course the main takeaway from all these stats is confirmation of what we've been seeing locally that the rental market is booming as more and more people choose to make out part of the world their home.
It's obvious, I think, that we are seeing one of the best times ever to develop or start a rental property portfolio for passive income.
Every report that comes out on renting suggests that rental rates are only likely to climb and it's clear that there's a huge market out there - the biggest for half a century!
If you've been thinking about property investment, why not contact us today. We have huge experience in helping our clients build rental income, and have several current listings of great options for you to consider.