Demand for rental apartments in and near cities across America is soaring, as more millennials believe it's cheaper than owning a home.
In the D.C. suburb of Chevy Chase, Maryland, 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 homebuying years.
Despite the increase, a record 82% of renters say renting is more affordable than owning, according to a new survey from Freddie Mac, up from 67% just a year ago. "The metrics that we've seen this year have been off the charts," said Toby Bozzuto, CEO of The Bozzuto Group, which currently has over a billion dollars worth of residential, Class A construction in the works across the North and Southeast. Bozzuto's Chevy Chase development will offer 530 residential units comprised of 466 apartments, 64 condominiums and over 100,000 square feet of retail and restaurants.
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