• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Home Rental Demand is Up in US

The number of families living in rental housing rose 4.4 percent over the past year, according to Freddie Mac’s U.S. Economic and Housing Outlook for June.

Over the year ending in March, an additional 1.5 million households moved into rental housing, according to the study. At the same time, rental vacancy rates dropped about 2 percentage points over the past two years.

During the year, rental rates rose 2 to 4 percent, but were below rates prior to the Great Recession when adjusted for inflation.

The report also found that property values of multifamily facilities were up an average of 25 percent over their lowest point during the first quarter of 2010, but still about 14 percent below their peak before the Great Recession.

Construction of multifamily properties also is going up. Freddie Mac’s report said starts of buildings with five or more apartments have jumped 48 percent in the first five months of this year when compared to a year ago.

“Further increases in rental demand are likely in the coming year as newly formed households postpone homeownership decisions until the economy strengthens and they have accumulated sufficient savings,” Freddie Mac Chief Economist Frank Nothaft said in a statement. “Overall apartment market trends may show further vacancy declines and rent gains, with property values improving as well.“


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