Investor Sees Growing Need for Rental Housing

Wayne, NJ, Jan. 19, 2011 -- A New Jersey investment and property manager believes the market for residential rental property will increase dramatically over the next few years.

Charles Blumenkehl, managing partner of Blue Asset Management LLC and CEO of Blumenkehl Properties, points to statistics released by the National Association of Home Builders, which had only 114,000 multi-family homes started in 2010.

That is less than the number of multi family homes removed from the market during the same period.

“With a large part of the population reaching rental age, combined with the number of home share and live at home arrangements already in place due to the economic contraction of the last few years, the demand for rental housing is becoming greater as the country moves toward economic recovery,” Blumenkehl said.

“Rents have already began climbing in some of our markets, and a shortage of new multifamily units coupled with a rise in prime renter-age households will give landlords clout they haven’t seen since we emerged from the last housing recession in the mid-1990s.”