According to the NAHB: (National Association of Home Builders)
- Tight credit is hampering efforts to start new rental housing construction, which takes about two to three years to complete.
- A large number of “Generation Y” professionals, or professionals born in the mid-1970s or later, are expected to enter the housing market soon, as are other types of newly formed households. Apartments and condos often are the most attractive form of housing for this group.
- Industry experts expect the number of tenants to outstrip the supply of rental units by mid-2011, with increasing shortages through 2014.
- This shortage likely will increase rents by as much as 8% to 10% per year in 2011 and 2012 and by 4% to 7% per year through 2015.
Apartment developers warned recently that a shortage of rental units could hit the nation as soon as mid-2011, driving rents up by as much as 10 percent a year.
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