With more people choosing to rent than buy and rental vacancy rates declining, finding the perfect pad has become increasingly difficult. But there is good news! According to the U.S. Department of Commerce, new apartment construction experienced a 26 percent boom in July.
One of the reasons is that many people who are would-be buyers are opting to rent instead because of the tight lending standards in many areas. Another reason for the increase in apartment construction is that Americans are shifting their own attitudes toward sharing.
If you live in a major city like New York, Chicago or Seattle, you may notice that people are sharing cars, bikes and even designer clothes and accessories. While some people are choosing this lifestyle simply because they cannot afford to purchase big-ticket items, others are opting to live a more simplistic lifestyle without a lot of material goods. This increased demand for rentals and co-ops has been a boon for apartment construction.
Of course, with so much new apartment construction come a variety of choices that renters will need to make. Apartments are becoming available in central downtown blocks, on suburban streets and especially in rapidly gentrifying urban residential neighborhoods. People who are trying their hardest to find a rental unit that fits into their budget and desired neighborhood may need to compromise with desired features. With all the apartment construction happening, you may find a beautiful space just a few blocks away from where you are looking.