A woman walks next to a “For Rent” sign at an apartment complex in Palo Alto, California.
Paul Sakuma | AP
In the D.C. suburb of Chevy Chase, MD, a massive apartment rental and condominium complex is going up, and apparently it can’t happen fast enough. Demand for rental apartments in and near cities across America is soaring, just when most thought it wouldn’t be. The expectation was that rental demand would fall as millennials aged into their home buying years.
Apartment demand in the second quarter of 2019 spiked 11% from a year ago. That, in turn, pushed rents up an average 3% nationally to $1,390 per month, according to RealPage, a real estate software and analytics company.
“Demand is proving especially strong in this year’s primary leasing season,” according to RealPage chief economist Greg Willett. “Solid economic growth is encouraging new household formation, and rentals are capturing a sizable share of the resulting housing demand. At the same time, loss of existing renters…