Take a Look: Here’s the Mid-Year Apartment Outlook by Freddie Mac
Market vacancy rates are at a 13-year low for multifamily units, according to recent research by Freddie Mac. According to data trends, rental market demand is being met by many young adult renters, who are helping to sustain the supply being built. Researchers estimate that nearly 3.9 million households did not form over the past few years because of the recession and about 75 percent of those households were young adults.
Currently the rental market is strong and, according to Freddie Mac, it should stay strong for another couple of years. An estimated 440,000 multifamily units are expected to be needed each year to meet demand, which is believed to be on the upswing partially because of employment gains for young adults.