FirstService Residential Realty | Business |
Share of Housing Construction as Rental Apartments at Highest Level in at Least Four Decades Article written by By Conor Dougherty and originally published at Link to full article is here: Full Article —Kris Hudson contributed to this article. The share of new homes being built as rental apartments is at the highest level in at least four decades, as an improving jobs picture spurs younger Americans to form their own households but tighter lending standards make it more difficult to buy. Residential construction—a pillar of the economy and employment—is starting to ramp up again overall, but in previous years the growth was driven by single-family homes. Last year, according to census data, construction was started on a little less than one million new residential units, and about one in three of those was a rental in a multifamily building, the highest share since data began in the mid-1970s. Single-family homes accounted for about two-thirds of housing start