Rental demand, a scarcity of new apartment completions, an economic recovery and the high cost of the homeownership is fueling an apartment market boom, reports Marcus & Millichap. Demographic trends, supply constrains and a retreat from homeownership has pushed the apartment sector into an expansion cycle. National homeownership rate lost another 50 basis points over the past year, declining to 66% thereby contributing to a commensurate increase of 1,350,000 renter households. As a result, apartment vacancy rates have tightened amid surging demand causing rent growth that is now meeting or exceeding 2008 peaks in many markets, Marcus & Millichap says. For the full report, CLICK HERE.Homeownership Costs Fuel Rental Boom
Rental demand, a scarcity of new apartment completions, an economic recovery and the high cost of the homeownership is fueling an apartment market boom, reports Marcus & Millichap. Demographic trends, supply constrains and a retreat from homeownership has pushed the apartment sector into an expansion cycle. National homeownership rate lost another 50 basis points over the past year, declining to 66% thereby contributing to a commensurate increase of 1,350,000 renter households. As a result, apartment vacancy rates have tightened amid surging demand causing rent growth that is now meeting or exceeding 2008 peaks in many markets, Marcus & Millichap says. For the full report, CLICK HERE.
