Apartment Occupancies Soar to Record High

The rental population is growing faster than ever-- in fact, the national apartment occupancy rate reached 95.3% percent-- an all time high! Apartment demand is coming not just from millennials but also from baby boomers. But why rent when you can own? Contact me today, 571-970-7195 or whitney@whitneyminnich.com, to see how much home you can afford based on your current rental payment.

Apartment Occupancies Soar to Record High
DAILY REAL ESTATE NEWS | FRIDAY, JUNE 19, 2015
Apartments are filling up nationwide. The national occupancy rate in May reached 95.3 percent, the highest ever, reports Axiometrics, a real estate analytics firm.
Higher occupancy rates have come with higher rents. In May, rents rose 5 percent nationally, making it the fourth consecutive month at or above that mark."The May rate historically is the start of each year's occupancy peak, meaning occupancy should remain at the current level or higher," says Stephanie McCleskey, Axiometrics' vice president of research.
"Owners and investors are having a profitable start to the year," McCleskey says.
Apartment demand has been high from millennials who are forming their own households as well as baby boomers looking to downsize, CNBC reports.
Laurie Goodman, director of the housing finance policy center at the Urban Institute, recently published a paper claiming that the rental surge will only get bigger. Goodman predicts that out of the 22 million households formed in the next 20 years, 13 million will be renters.
"We are nowhere near building enough to meet demand,"  Goodman says.

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