Rental apartments continue to face little competition from for-sale condominiums, but that can’t last, according to market experts.
“We expect homeownership to return to favor, likely in the form of entry-level condos that offer the same amenities many urban apartment dwellers prefer,” says John Affleck, research strategist with CoStar.
Currently, demand for rental apartments is high. Relatively few renters are tempted to leave their apartments for homes or units that they would own themselves. But as the economy improves, economists are watching for signs that may be about to change.
Read more...Are Apartment Renters Ready to Own?
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