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If you keep an eye on the latest news from the multifamily industry, then you probably already know that apartment renting is the current hot housing option of choice for Americans from all walks of life. The recent recession helped fuel renters’ desires to downsize, cut down on commute times and steer clear of massive mortgages, and the result has been high demand for apartments and low vacancy rates (as well as higher rents).
Our friends over at the RentCafe blog, sister site to the apartment leasing service RentCafe, put together this good looking infographic which gives a clear look at who lives in these new renter households, why they’re renting and what these trends mean. The data is clear: the resurgence of renting shows no signs of slowing, and new construction apartment starts are steadily climbing back toward pre-recession levels. The figures are good news for the multifamily industry and could signify a collective shift in our national real estate mindset.
What do you think? Will apartment renting stay as popular and trendy as it is today? Or will this be a post-recession reaction that could later reverse?
