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Birmingham Renter Demand Strongest in Good School Districts and Near UAB

Employers in Birmingham have recouped 65 percent of the jobs lost during the most recent recession and are expected to return to pre-recession payroll levels by the end of 2016. As job growth maintains a steady upward
trajectory, demand for rental properties in the market will continue to outpace supply growth. Although the metro is among the most affordable in the country, the homeownership rate is already elevated. With homeownership over 70 percent, the number of potential renters that will make the transition from rentals to owning is relatively small. In other terms, those who can own probably already do own. Moving forward, renter demand will be strongest in areas where the population is transient. On the south side of the metro, the University of Alabama, Birmingham provides a stable base of tenants. Over the past five years, enrollment at the school has increased by nearly 10 percent to 11,700 undergraduate students. Additionally, the UAB Hospital and university collectively employ 22,200 workers[…]


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