Another Housing Trend That Hasn't Held This Year
In a recent report from RealPage, an unprecedented demand for apartments has replaced the typical decrease in demand during the winter months.
In their release, RealPage explains that apartment occupancy actually ticked upward in the month of January for the first time on record.
Factors cited for this turnaround include household formation, low unemployment, and wage growth. Jay Parsons, VP and Head of Economics and Industry Principals at RealPage points out, "some renters are staying longer because they’re unable to buy a house. But apartment managers are telling us that’s only a small piece of the pie. The bigger driver is rapid household formation among young adults, whose first step as independent householders is usually to rent.”
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