More Rental Apartments Coming
May 1, 2007
The building of new rental apartment buildings will surge over the next two years, due to increasing consumer demand for rentals. This follows a depleted supply or rental units, largely due to so many conversions of rental apartment buildings to condominium ownership units in recent years. That’s the forecast of economists at the National Association of Home Builders.
"We are forecasting that the rental and for-sale sectors of the multifamily market will make a major adjustment over the next couple of years," said. David Seiders, NAHB’s chief economist. "Last year, the for-sale market had grown to include almost half of all multifamily construction starts. That’s a record share and a correction now is under way."
Builders are particularly optimistic about the rising level of construction in the moderate-rent and low-rent apartments. The planning of more low-rent units reflects the improved Congressional climate for funding affordable housing.
Posted in All Things San Diego, Helpful Hints, Real Estate, Things of Interest
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