The latest housing reports are showing housing on the mend and many are reaching the conclusion that the worst is over. So what does this mean for the booming rental market?
The pick up in home sales has many analysts questioning how much longer the multifamily sector will see this kind of rapid growth.
Apartment rents are soaring in many markets and vacancies are falling. Also, multifamily housing starts climbed 30 percent in July over year-ago levels. Are you seeing this in your region?
“The apartments have had spectacular growth since the depths of the recession, and at a certain point that growth has to moderate,” David Toti, a mulifamily analyst, told CNBC. “You can only raise rents so much before you force people out.”
Source: “As Housing Recovers, Apartment Boom May End,” CNBC (Aug. 29, 2012)