As home prices and mortgage rates rise, experts expect that it will become more difficult for many homebuyers to purchase a home. With homeownership no longer an option for many, demand for rental properties is on course to keep outpacing housing supply.
Resource Real Estate projects a need for a minimum of 240,000 new apartments each year over the next seven years to meet the expected demand. To date, only about 130,000 new apartments are expected to hit the market in 2013.
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