Important Trends In Renting Apartments in Bossier City.

by | Nov 29, 2013 | Real Estate

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Do you have plans to relocate to Shreveport or Bossier City? You should be tightening up your belts as you search for the right apartment. Many people end up being frustrated because they did not find relevant information about the trends, the look of the rental market and the some of the important current and future prospects of the market. Here are a few trends that you might want to know about the rental market in your target cities.

The housing market in Shreveport and Bossier City has been declining over the last ten years, and as such, many people are turning from owning a home to what they perceive as a less risky venture: renting a home. As the housing market tightens for buyers, those who have the properties are now taking the rental market to a seller-led market that is characterized by rising rental prices. For this reason, many people in the range of 20-24 years are now beginning to rent Apartments in Bossier City in lieu of buying.

As the housing market worsens, foreclosures and strict mortgage terms are turning away the ‘would-be landlords’. In response, families are shifting to renting a home as the most ideal solution. The good news, however, is that there are a substantial number of new rental units that are almost complete. This new development is likely to relieve the tight rental vacancy, especially in Shreveport and Bossier City. Despite market reports that new houses are slowly coming up, analysts are optimistic that the rebound in multifamily construction is likely to change the face of the rental market to a larger extent.

In Shreveport and Bossier City, the rental price for an apartment increased by approximately 1% in the third quarter of 2013. Single bedroom and two-bedroom apartments were hit most by an increase in the rental price of 5% and 3% respectively. Apartment vacancies have declined by 20%. However, tenants have a reason to smile as the completions are expected to rise by 30% by the end of 2014, which is a trend that may cause a drop in rental prices.

With the knowledge about important housing market trends, you are now able to make your decisions on whether or not to find Apartments in Bossier City.