Apartment Rental Demand Soars As More Millennials Believe It’s Cheaper Than Owning A Home

Posted by Staff Reporter on Aug 05, 2019 03:31 AM EDT
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Apartment rental demand soars as more millennials believe it’s cheaper than owning a homemore big
Apartment rental demand soars as more millennials believe it’s cheaper than owning a home (Photo : CNBC)

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.

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.

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