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Apartment Demand Jumps, Home Rentals Gain Favor

Demand for rental apartments climbed in the second quarter of the year, up 11% from a year earlier. So reports CNBC, citing data from real estate software vendor RealPage.

Given such demand, average rents rose by 3% nationwide, to $1,390 per month, according to RealPage.

Still, according to a separate survey from Freddie Mac, 82% of renters see renting a home as more affordable than owning one. That’s up from 67% a year ago and marks a new record.

David Brickman, president and CEO of Freddie Mac, said, “For millennials and many Gen Xers, buying a home is no longer just a decision based on housing and housing costs—increasing pressure from student loans and the rising cost of child care are having a significant impact.”

Read the full article from CNBC.

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