The One Bright Spot in a Hideous Housing Market
Within the dark and battered housing market there is one emerging bright spot: rentals.
In September, builders blew away analysts’ forecasts and began work on 51.3 percent more new multi-family rental units than the previous month. New buildings with two or more apartments surged to 223,000 annually, according to the Census Bureau. While it’s only one month and still well below pre-recession levels of 350,000 units per month, the surprise increase represents a larger upward trend that many experts say will continue to provide work for ailing construction companies and help resuscitate a market that has been lifeless in the two years since the recession ended in June 2009…