Rental demand soars as more millennials hold off on buying [View all]

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 people 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 by 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 to home purchase remains limited relative to historical levels."

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.

https://www.msn.com/en-us/money/realestate/rental-demand-soars-as-more-millennials-hold-off-on-buying/ar-AAE2672?li=BBnbfcN

$1390 a month? I'm glad I bought when I did.