This post was contributed by Megan Sullivan. Megan is a stay-at-home mother of two in San Diego. In her free time, she volunteers at a local church, jogs, swims, spends time with her family and writes about her life. Megan’s proud to say that she’s happily married to her husband of 15 years, Jack.
The rental industry within the U.S. is undergoing a dynamic time period with rentals expected to rise once interest rates increase. This rise is inevitable and it makes sense for the rental community to adapt accordingly.
In the context of the current economic situation, property choices should be made after due consideration. The last three years have witnessed stimulus-influenced growth from the government, but now the emergence of competition calls for action at the consumer’s end.
A key report published on the comparison of rental housing conditions in areas such as New York, Texas and North Carolina reports that a larger number of households are looking to rent. This larger availability would be countered with the presence of housing cost burdens (interest rates).
This means that consumers should be looking at affordable housing solutions such as modular homes, which provide flexibility in terms of cost and incentives.
The Value of a Modular Home
The first and foremost element is the customization within modular homes. The rental community can readily observe that since options such as energy efficiency are better managed in these homes, they are made more affordable.
A good account of cost effectiveness is provided by a state sponsored incentive that is applicable for modular homes in Texas. These incentives are divided into specific categories, such as corporate deductions or rebate programs. Arranged by the database of state incentives for renewables & efficiency, they are a practical option to consider.
Another positive aspect is sheer number and variety of Texas modular and manufactured homes, which means that people can select from any setting, ranging from Austin to Palm Harbor Village of Victoria. Moreover, the presence of dedicated communities of modular homes and the natural setting of Texas along with its positive economic reforms provide good fiscal leverage for rental consumers anywhere in the U.S.
Modular homes save costs not only on the primary level, but also go beyond by saving additional costs such as modifications and home inspections. In case of a modular home, there is no need for a future home inspection since the construction is customized. The factory built savings account for 25 to 30% as compared to traditional homes, something that the rental community can cash in on.
From a number crunching point of view, even before the recession struck, the U.S. government highlighted the role of modular homes as an option of affordable housing. Back in 2005, the subsidy to this industry was $116 billion. Such figures show how rental communities can look towards this option without having to face higher costs, an imminent event in light of recent economic conditions.
Market acceptance is an important parameter and such has been the success of modular homes in Texas that it would be hosting the ‘World of Modular’ convention of 2014. This forum discusses innovation in house manufacturing, emergence of new trends in the housing industry and the way forward.
The discussion given above gives a comparative analysis on how the rental market has a good option in the form of modular homes. It not only makes economic sense, but also wins points on sustainability. From the rental community’s perspective, this is an easy route towards home ownership.
