Survey Finds Apartment Demand Is Higher
New York–The office, retail and hotel sectors are struggling, but rental apartment demand is rising, according to a PricewaterhouseCoopers survey released Monday.As restrictive lending standards keep more and more homebuyers from qualifying for a loan, foreclosure rates rise and buyers await lower prices, demand for rental units is increasing. However, apartment developers have reduced their…
New York–The office, retail and hotel sectors are struggling, but rental apartment demand is rising, according to a PricewaterhouseCoopers survey released Monday.As restrictive lending standards keep more and more homebuyers from qualifying for a loan, foreclosure rates rise and buyers await lower prices, demand for rental units is increasing. However, apartment developers have reduced their plans to build new structures–driving demand up further, Reuters reports.”Because you have so many people losing their homes or not able to buy homes, there’s been an overall increase in the (apartment rental) sector,” Susan Smith, editor-in-chief of the study, told the news service. The survey compiles results from 125 real estate investors and specialists from pension funds, mortgage bankers and insurance companies.
