Under supply of rental property in the near future

There were recent articles published (NBN Online and the Wall Street Journal) that have the same general prediction - the lack of new construction of rental property over the past few years is going to result in a higher demand than available supply. With it still taking between 2-3 years to complete new multifamily projects, and the Echo Boom Bulge - baby boomer offspring entering the prime renting age will lead to a shortage in available rental property in some locations. In addition, in high-price cities, apartment owners seem to be benefiting from renters who are being denied jumbo mortgages (more than $417,000). In cities like San Fransisco and New York, rent is going up around 3.5% and the vacancy rate dropped .2% on average for the nation.

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