Our CEO, Toby Bozzuto was interviewed by CNBC about what is driving the recent spike in demand for apartment rentals in spite of the expectation that rental demand would fall as millennials aged into their homebuying years. Apartment demand in the second quarter of 2019 spiked 11% from one year ago. That pushed rents up an average of 3% nationally, according to RealPage.
“I think millennials ultimately aspire to have homes. I think it’s still the American dream, but I call it the dream deferred and it’s deferred because of student loans, the lack of having a large amount of equity, and they also enjoy flexibility versus fixity,” said Bozzuto. “This is a generation that likes a sharing economy. They use Uber instead of their own car, so apartments appeal to their needs, flexibility and their desires.”
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