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Demand is up for rental units

April 11, 2005|by JAMES M. WOODARD/Copley News Service

The demand for rental apartments is growing, a fact that is sparking renewed interest in building multifamily housing structures.

A recent study by the National Association of Home Builders indicates that a particularly healthy market is emerging for apartments and other multifamily developments, one in which demand more clearly aligns with supply. The study reveals a positive outlook for the economy in general and for job growth in particular. .

"The improving job market is driving a rebound in apartment rentals," said David Wilson, NAHB president. "At the same time, attractive interest rates and strong price-appreciation rates continue to spur sales and construction starts."

All classes of rental apartments are showing gains, it was reported. The biggest increase in demand is reported for Class B apartments - the midrange rent category.

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