The revival also comes amid an increase in demand for rental properties, pushing the apartment vacancy rate in the U.S. to the lowest level in decades. Rental rates are responding with an uptick in urban areas, while the availability of for-sale apartments remains historically low.
“We’re in the very early stages of a long recovery in condos,” Sam Khater, deputy chief economist with CoreLogic told Bloomberg. “Now you’re seeing rental booming, but today’s renters are going to be tomorrow’s condo buyers.”
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