By the Kent Redding Group
AUSTIN, TX. – Thanks to the fast growth of the Real Estate market we also have a housing crunch that has caused rents to increase and made it difficult for renters to find properties here in Austin and across the United States.
Many industry experts have confirmed that building is still 2-3 years behind schedule and this is one of the reasons why cities like Austin are feeling the housing crunch more than others.
What’s the solution to this problem? Thanks to a recent article by Trulia we know that one way to ease the housing crisis could start with Baby Boomers and the vacant rooms that they have in their homes.
3.6 Million Unoccupied Rooms in The United States
Thanks to the information from Trulia we know that there are about 3.6 unoccupied rooms in the United States.
This data can be attributed to the fact that we have an aging Baby Boomer population in the USA that’s retired, or is soon to be retired, and they have at least one vacant room in their homes.
Since most Baby Boomers or elderly homeowners want to live in their homes for as long as possible the solution to the housing crunch should begin with encouraging these homeowners to rent out their empty rooms.
$14,000 In Additional Income Annually
Although some homeowners may be against this idea the reality is that renting out a room can bring in up to $14,000 in additional income for the homeowner annually and this will also help ease the homeowners housing costs and provide them with additional income to use in their retirement.
If more Baby Boomer or Empty Nesters were to rent out rooms in their homes this would also ease the housing cost of the renter by as much as $24,000 annually.
Yes, the success that a homeowner will see from renting out a room in their home all varies on their local rental market, and the home itself, but if more Baby Boomers across the United States were to be open to this arrangement we could start to see progress in fighting the housing crunch.
Washington ranks highest for the share of homes with spare rooms among the 25 largest rental markets. The demand for rentals in the nation’s capital is massive, yet its rental stock has largely stagnated recently. A spare bedroom can easily bring in $941 a month, the seventh-highest rental income we’ve projected.
Among the top 25 rental markets, Tampa, Fla., seems to have maximized its available home space. Just 2.1% of owner occupied homes have spare rooms that can be potentially rented out and demand for rental housing on Trulia in Tampa is high. Renting out a spare bedroom in Tampa would only have an estimated monthly income of $505, the third lowest among the top 25.
Salt Lake City leads the 100 biggest housing markets for available bedrooms. With 7.7% of all owner-occupied homes having multiple spare rooms, Salt Lake City’s rental market is Utah’s diamond in the rough.
Search for Homes in Austin Texas
To get started with searching for homes in Austin Texas contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online.