RealtorMag
The demand for rental apartments remains high as few renters are being tempted to leave apartments to take on homeownership. But industry insiders expect that to soon change, and they believe entry-level condos will be key to pressing more renters to make that leap.
“We expect homeownership to return to favor, likely in the form of entry-level condos that offer the same amenities many urban apartment dwellers prefer,” says John Affleck, a research strategist for the CoStar Group.
Apartment market experts are looking for signs of when that will happen. For example, they’re taking note of how many residents are renewing their leases when their terms expire. The rate is currently at 52 percent.
