According to the Wall Street Journal, the busiest and fastest-growing large metro areas in the U.S are all starting to see an increase in the construction of apartments and condos, as opposed to detached, single-family homes.
The latest data released by the Commerce Department last week shows that – in the 10 busiest U.S. markets for home construction – the numbers of newly-build rental properties far outpaces those of single-family homes.
“Multifamily construction is the main force behind the improvement in home building,” Michelle Meyer, deputy head of U.S. economics for Bank of America Corp., told the newspaper. “It reflects that rental rates continue to move up, and there is demand for rentals, particularly close to city centers.”
Image via flickr/Gordon Haws