This recent LA Times article provides more evidence that the economy is improving and in turn causing apartment rentals to improve. The article discusses new research showing that young adults who doubled up with their parents are getting jobs, leaving the nest, and renting apartments.
Other reasons cited for the apartment market’s strength include former foreclosed homeowners converting to rentals, potential new homeowners choosing to rent, and a movement back to the urban centers where renting is more convenient and economical.
However, the article shows that rental housing is strongly connected with the job prospects of young adults who have benefited more statistically from this recovery. It is a double edged sword. A reversal of the recovery could upend the rental market’s strength.
Check out the article on the LA Times website here.