DALLAS – (By Dale King, Realty News Report) – Demand for apartments is reaching near-record highs as the cost of buying a house is out of reach for many households, according to a new CBRE report.
“For many Americans, renting is the most financially viable and flexible housing option,” said Matt Vance, Americas Head of Multifamily Research for CBRE.
Reducing the gap between homeownership and renting will require a combination of lower home prices and interest rates, higher average incomes and strong rent growth, he said. It may take years for home buying to be affordable again…