Thursday, June 15, 2017

The Apartment Industry Is Exceeding Capacity

Locating an apartment can be exhausting, especially when you begin your search only to discover demand is high in your city, therefore, inventory is limited. Over 39 million people rent and new research confirms the demand for apartment living is on the climb.  

With stricter underwriting standards and single family housing exceeding growth in income, many [former] homeowners have grown to enjoy the flexibility and affordability in renting.The fallout of the housing bubble has shifted homeowners into renters. As San Antonio’s population keeps on growing, as well as the rest of the nation, the need for more apartment units is also contributing to the demand. 

On average 244,000 apartments homes, a year was built from 2012-2016, but experts have calculated that at least 325,000 new apartments homes need to be built in order to keep up with the climbing demand. While some markets are exceeding growth, others are restricted, causing higher rental cost and lower affordability. The U.S. housing market will need 4.6 million new apartment homes across all price points by 2030.  

Apartment searches are time-sensitive and can be overwhelming, but you do not have to do it alone. In a big city like San Antonio, it is important that you work with a housing expert in your search. Our apartment finders at Apartments Now can help you time and money in your search. 

Give us a call today (210) 802-1112.