Apartment Construction is at 25-Year High, and Rents Keep Rising (By Ron Gallagher)

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The totals for the past 12 months show that the year that ended July 31 saw the highest number of starts since 1989. The 15-plus% increase in residential starts announced this week favored multifamily rather than single-family housing.  Another illustration of how multifamily is dominating the recovery is that year-to-date building permits for multifamily buildings are up 17.5% compared with 2013, while single-family permits are 0.8% higher.  The post-recession job recovery has brought back as many jobs as were lost, but not the same kinds of jobs at pre-recession pay, which is why renting is more attractive to many people. However, July's numbers saw rent prices rising at the fastest pace in five years—so renting may not continue to be the affordable solution much longer.
From www.constructiondive.com
Trenton H. Cotney
Florida Bar Certified Construction Lawyer
Trent Cotney, P.A.
1211 N Franklin St
Tampa, FL 33602

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