Guess Who's Driving the Demand for Rental Apartments?
By Diana Olick, CNBC Real Estate Reporter
NEW YORK ( CNBC) -- The housing market is supposedly roaring back. Home prices are seeing their biggest annual gains since 2006.
Renters must be rushing back to buy, right?
Not exactly.In fact, even as housing and the greater economy improve, a shift in demographic trends will likely favor the rental apartment market for the foreseeable future. It is all about women. "I rent in an apartment building because it gives me a certain amount of freedom: I'm not positive that I want to stay in D.C. long term so I could leave at year's end if I wanted to," says 25-year-old Caitlin Huey-Burns, a working journalist. "My building has nice, built-in amenities, and it's in the location I want, but where I know I wouldn't be able to afford to buy."
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