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Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
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[link to www.cnbc.com (secure)]
In the D.C. suburb of Chevy Chase, Maryland, a massive apartment rental and condominium complex is going up, and apparently it can’t happen fast enough. Demand for rental apartments in and near cities across America is soaring, just when most thought it wouldn’t be. The expectation was that rental demand would fall as millennials aged into their homebuying years.
Apartment demand in the second quarter of 2019 spiked 11% from a year ago. That, in turn, pushed rents up an average 3% nationally to $1,390 per month, according to RealPage, a real estate software and analytics company.
Despite the increase, a record 82% of renters say renting is more affordable than owning, according to a new survey from Freddie Mac, up from 67% just a year ago.
Rental demand is currently highest in the nation’s largest cities, with Dallas/Fort Worth, Chicago, Houston, New York City and Washington, D.C., leading.
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