One piece of data does not a conclusion make…two pieces get closer. A new report on the apartment market out today from Reis, Inc [ REIS 35.00  +27.165 (+346.71%) ]. shows a big surge in net absorptions, despite very little new supply of apartment units. Apartment vacancies dropped 40 basis points to 6.2 percent, which is a record plunge.

Rents are rising steadily, but the renters keep coming.

“We are now seeing the results of a sharp convergence of positive factors for apartment rentals. First, as labor markets continue to improve and hiring picks up, demand for housing is increasing, particularly in the 20 to 34 year segment of the labor market,” notes Reis’ Victor Canalog. “However, with the single family home sales market still on the ropes, and with deflationary expectations for home prices for at least the coming year, few of these newly hired young workers have the appetite to commit to buying a home.”

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Article source: http://www.cnbc.com/id/42453929?__source=RSS*blog*&par=RSS

One piece of data does not a conclusion make…two pieces get closer. A new report on the apartment market out today from Reis, Inc [ REIS 7.80  +0.05 (+0.65%) ]. shows a big surge in net absorptions, despite very little new supply of apartment units. Apartment vacancies dropped 40 basis points to 6.2 percent, which is a record plunge.

Rents are rising steadily, but the renters keep coming.

“We are now seeing the results of a sharp convergence of positive factors for apartment rentals. First, as labor markets continue to improve and hiring picks up, demand for housing is increasing, particularly in the 20 to 34 year segment of the labor market,” notes Reis’ Victor Canalog. “However, with the single family home sales market still on the ropes, and with deflationary expectations for home prices for at least the coming year, few of these newly hired young workers have the appetite to commit to buying a home.”

Page 1 of 2 | Next Page
Show Entire Article

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Article source: http://www.cnbc.com/id/42453929?__source=RSS*blog*&par=RSS