An Update on the State of the Rental Industry

What’s the latest word on the rental industry in the U.S.? Today I’ll share what research has to say.

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Havard studies find that dwindling new home construction nationwide resulted in lower inventory for would-be buyers and accordingly, real estate developers have focused on building more upscale rental apartments in recent years. There are many people in the middle class who have opted not to purchase and are instead renting standard apartments or higher-end properties.

According to Whitney Airgood-Obrycki, a research associate with Harvard Joint Center for Housing Studies, we’re in a rental affordability crisis. Just a decade ago, more than two-thirds of people who rented an apartment or a single-family home in the U.S. earned less than $30,000 a year. Recently, however, Havard’s research shows that in 2010, with the economy still suffering the effects of subprime mortgage crash, the share of middle-class renters had surged.

Many Americans are struggling to find a home that they can afford to buy and are increasingly at pains to find a place they can afford to rent.

As of 2018, 62% of renters (27.1 million people) earned middle-class incomes of between $30,000 and $75,000 per year. According to the study, at least 10.3 million families with annual incomes of at least $75,000 are renting the roof over their heads, which is a jump over the previous years.

Many, many Americans are actually struggling to find a home that they can afford to buy and are increasingly at pains to find a place they can afford to rent because the influx of middle-class renters is pushing up prices in much of the country.
If you have any questions about renting, buying, selling moving, feel free to reach out to us at LAER Realty Partners. We’d love to help you.

In Memory of Juergen Keller

Juergen Keller was a pillar of the Chelmsford real estate community, and today’s video blog is dedicated to him.

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Today’s video blog is dedicated to my good friend Juergen Keller. Juergen passed away on January 3 of this year. Born March 22, 1927, he was 92 and a distinguished member of the real estate community for over 50 years in the Chelmsford area.

He’ll always be remembered as a statesman, gentleman, and mentor to many.

His life was an outstanding example of what it means to be a man of integrity, and I’d like to share a few facts about him:

• He served as broker/owner of Century 21 Minuteman Realty for over 30 years
• He was a part of the National Association of Realtors for over 50 years 
• He introduced over 100 agents to the real estate community (including myself)
• He helped his company win The Centurion Award for productivity for 20 of the 30 years he headed it
• He lived by the mantras, “Be a peacemaker always,” “Don’t sweat the small stuff,” and “So shall it be written, so shall it be done.” 
• Whenever someone asked him how he was doing, he always replied, “Terrific!”

His hallmark virtues were integrity and honesty in all circumstances, which isn’t always easy for those working in the real estate industry. He’ll always be remembered as a statesman, gentleman, and mentor to many.

Rest in peace, Juergen, and thank you for your friendship and support—not just on behalf of the Chelmsford community, but the entire real estate industry.