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Yield Technologies COO Eric Broughton on the shift from home buying to renting.
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Tree inside -- so new data out this morning shows home sales falling two point 6%.
More troubling news.
Sales are weak rental prices though are hitting record highs especially in places like Manhattan where we -- so is the American dream of owning Oklahoma thing of the past.
Eric brought -- President and yield technologies and founder of -- social dot com he joins us now.
So Erica homeownership used to be part of the American dream no more.
-- I wouldn't say no more I think homeownership -- still part of the American dream.
But I'd like to say the American dream is -- a little bit you can look at renting is can be part of American dream as well let's let's not look away from the two cars -- -- garage.
Cigars in the drugs and in a way picket fence megas are looking at maybe you have that -- and though fitness center as part of your apartment communities RS IC Verizon is it.
Everything that breaks -- excited -- but I want to but let's talk about rental prices because they've been climbing for several years now -- in reaction obviously to the housing crisis.
Some people have said that's a bubble where in the forecast rental prices to go generally speaking I know the markets cross the -- difference but.
Give me your best -- -- Absolutely across the country seen rental rates go about 3% of the last twelve months in Chicago alone -- we're talking to you from today.
We went up 6%.
There's much more opportunity for rents to continue to rise that's maybe not great news lot of renters.
But what we're seeing and -- social dot com we're seeing.
Those rents still being commanded and -- singles occupancies stayed at a very high rate which tells us that the demand is there the supplies limited.
By the -- one of the disincentives or owning property Manhattan Erica is it is that property tax it's way way up again and I'm sure that's happening.
And a lot of communities around is is that one of the things that's.
Making people a little more reluctant to buy.
Well there's many many reasons you've talked -- property taxes but there's also the hidden taxes.
Gas is prices continue to go up so -- find these apartment buildings more relevant to the urban settings.
Also demographics.
-- there 53 million renters are of the age of thirty right now.
That's one of the great demographics -- seen one in five individuals between eighteen and 34 still living at home.
Lot of opportunity yet for the -- mystery.
Yes a living with my parents to think Eric crop but I think he still lives thanks there -- -- president and CEO of yield technologies appreciate what war.
