NewsWhen consumers feel good about the economy, apartment demand makes notable strides. Michael L. Webb shared his insight with GlobeSt.com on other variables and factors that also contributed to the increased demand in 2023.
“With home ownership becoming more and more expensive in 2023, renting is increasingly attractive and necessary for many consumers, accounting for increases in apartment demand,” Webb said.
“Also, the housing market is currently characterized by low housing inventory, rising home prices, and high mortgage and interest rates. These market forces have forced many consumers to prioritize renting until there is a greater sense of equilibrium in the housing market and prices and rates ‘cool.’
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Rising Consumer Confidence Boosts Apartment Demand | GlobeSt