Here is a recent article from DSnews.com regarding the multifamily sector. There are several interesting facts about the overall trend of the rental market in this piece. Below are a few noteworthy points that deserve mention:
There has been a reversal in homeownership trends, and as this rate falls, demand for rental properties increases. As a result, apartment vacancy rates have declined and rates for rentals have increased.
Vacancy rates among professionally managed buildings are at their lowest levels since 2007.
Freddie Mac’s chief economist Frank Nothaft states, “The improvement in the economics of apartment management has prompted an increase in structure values, property sales, and new construction for larger buildings.”
Decline in homeownership has been greatest among the under-30 demographic.
An increased demand for apartments has pushed up the price of rents since the recessionary period of 2008-2009.
(Image sourced from DSnews.com)