The rental sector’s run at the top of the housing ladder has more staying power than most observers think, according to industry experts speaking at the National Association of Real Estate Editors’ annual conference in Denver.
Mark Obrinsky, vice president of research and chief economist of the National Multi-Housing Conference, pointed out that despite the recent surge in apartment production, starts are still far below the “normal” yearly run rate achieved in the ten-year span between 1996 and 2005.
“We’re still 100,000 starts a year away from meeting demand – or maybe more,” Obrinsky said. “Demand will continue to outstrip supply for the next couple of years at least.”
Read more...Rental real estate market has legs, experts say