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.”