Single Buyers Choosing Suburbia Over Cities

Some 52 percent of single home buyers in April chose suburban locations over urban and rural areas, according to a survey by Coldwell Banker of 1,000 single buyers.

· More than 53 percent of single home owners reported that they purchased a home because it was more cost effective than renting in their area, while 68 percent of single home owners purchased a home that was less expensive than they believed they could have afforded to pay.

· Some 55 percent have less than a 30-minute commute to their office or work from home.

· Singles don’t shy away from foreclosures – especially single men. Thirty-eight percent would currently consider purchasing a foreclosed/short sale home, compared to 29 percent of single women.

· Of the 13 percent of single home owners who own their home jointly with another person, 49 percent made the purchase with their parents. Forty percent live less than 30 minutes or even in the same neighborhood as their parents or extended family. An additional 12 percent live with at least one family member.

· Number of bedrooms is important to 27 percent of single women, while only 18 percent of men were concerned.

Source: Coldwell Banker Real Estate (06/18/2010)

Apartment Vacancies Highest Since 1987

The vacancy rate for U.S. apartments rose to 7.5 percent in the second quarter, the highest rate since 1987, according to a report from researcher Reis Inc.

Second-quarter asking rent fell 0.7 percent compared to the same quarter a year ago to $1,040 a month. Including incentives, effective rent was down 1.9 percent from the prior year and 0.9 percent from the first quarter to $975, Reis said.

In some areas, including Las Vegas, San Francisco and San Jose, Calif., effective rents were down 2 percent from the first quarter.

“With general expectations of an economic recovery pushed back to early 2010 at the earliest, it seems likely that apartments will have to endure a few more quarters of distress, lower rents and higher vacancies,” said Victor Calanog, Reis director of research.

Source: Reuters News, Ilaina Jonas (07/08/2009)