Although it’s been roughly six years or so since the U.S. economy tanked, recovery has been slow, unemployment numbers remain high, and wage growth has been modest. As a result, more Americans are choosing (or left with no other option but) to rent rather than buy their homes. An increased demand for rental units has led to a boom in apartment construction and recent reports show the sector shows no signs of slowing down.
According to the nation’s Commerce Department, rental housing starts increased 18.5 percent in September and apartment construction is up 30.3 percent over the past 12 months. Additionally, applications for building permits, a good sign of future activity according to an article in the Journal Gazette, for multi-family buildings rose seven percent last month.
Recently, the 30-year fixed mortgage rate dropped to a 52-week low of 3.97 percent and while experts expect an uptick in sales, they don’t believe the rate will be enough to boost construction of single family homes by the end of the year. Rising home values have made affordability difficult for Americans to buy a home and a modest two percent growth in wages has made saving for a down payment challenging. Without the means to buy, more folks are renting and, as a result of rising rates due to higher demand, living with a roommate as well as shelling out a higher percentage of their household income.
What could be considered a nightmare for the everyman or woman has been a dream come true for construction companies and developers in the rental market.
Where Contractors Rent Portable Storage Containers
If you’re a contractor and need a temporary storage solution for construction equipment or materials on your job site, Pac-Van offers storage trailer rentals. Both short term and long term container rentals are available.
Storage container specs:
- 8′ x 45′ (approx. 3,000 cu. ft.) and 8′ x 48′ (approx. 3,300 cu. ft.)
- Door opening is 9 feet high by 7 feet 5 inches wide
- 14-gauge corrugated steel sides and roof
- 14-gauge steel cam-locking doors
- 1-1/8-inch thick marine wood floor
- Fully tested wind and waterproof
- Optional swing-out or roll-up doors
Pac-Van is a nationwide storage solution provider. They also offer modular buildings, mobile offices, and frac tank rentals.