Apartment Construction Boom Nationwide
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The apartment industry is booming. It contributed to $1.3 trillion to the U.S. economy in 2013, and it's growing. Demand for apartments can't be met.
According to the U.S. Census Bureau, apartment vacancies are at the lowest point for the past two decades - 4.8%. The low vacancy rate has contributed to sky high rents and a demand for apartment construction that isn't keeping up with the need.
"Developers are really building apartments about as fast as they can. There are so many properties under construction that the shortage of labor is preventing the completions from occurring as fast as they normally would," said Cary Bruteig, owner of Apartment Appraisers and Consultants.
The surge in apartment living is coinciding with the drop in home ownership.