More people moving out on their own, increasing apartment demand
August 10, 2010 - More people are moving into apartments, a trend that industry experts believe might reflect an improving economy, reports MarketWatch's Amy Hoak.
Hoak writes that while apartment demand usually doesn't rise until there is a good job market, recent figures show an increasing demand for apartments, perhaps reflecting a rise in confidence among Americans.
The National Multi Housing Council's chief economist and vice president of research, Mark Obrinsky, told MarketWatch that people who have a job are starting to trust that they won’t lose it.
"[Renters] see fewer people getting laid off. Friends are finding jobs. They react to those things with more confidence in their personal situation and can take that step with finding a 12-month contract," Obrinsky told the news source.
The job market actually lost 130,000 jobs in July, reported the U.S. Labor Department.
But the unemployment rate remained the same at 9.5 percent, and housing is showing signs of improvement. The price of real estate in Manhattan rose 6.7 percent from 2009, according to a report by Radar Logic Incorporated. Mortgage rates are also at record lows, encouraging new home purchases.
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