There has been a rapid growth in apartment rentals in 64 large US markets, largely for two reasons:
- more and more homes are being foreclosed, and
- a thriving job market has led to more young people finding their own places to live.
In the first half of 2010, the number of occupied apartments in these markets grew by 215,000 -- already more than double the number of units added in the whole of 2009. It is also the biggest jump since the apartment market firm MPF Research began following the data in 1992. The vacancy rate went down to 6.6% in June, down from 8.2% in December 2009.
While the economy's gradual recovery from recession has led to job growth, it still hasn't been enough to stop the number of home foreclosures across the US. The rates of new-home sales also fell to record lows in May and June 2010.