From Realtor Magazine Online, Daily Real Estate News September 2, 2008
Nationwide, the number of vacant, for-rent housing units reached 2.063 million in the second quarter, as owners who were unable to sell put places up for rent, according to a report by Mission Residential, an apartment company.
“Such shifts from the for-sale to the for-rent segments of the housing market were in full swing, which is likely to continue over the next few quarters," wrote Richard F. Moody, director of research at Mission.
Chris Finlay, managing principal at Mission, says the rental apartment business, particularly in the Washington DC-area, is reaping the benefits of "ideal conditions."
Finlay attributes much of it to the growing demand from the Generation Y population, who are now entering the workforce and looking to rent. He also points to growing numbers of immigrants, who historically have started out in this country as renters."
We view the fundamentals for the apartment market [as] almost unprecedented," Finlay says. "It's really almost an ideal scenario."
Source: The Washington Post, Christopher Twarowski (08/30/2008)
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