With the single-family housing market still crawling, rental rates have increased. As noted recently by BD+C:
The occupancy rate in the apartment sector was 91.8% at the end of 2009,” notes Greg Willett, vice president of research and analysis, MPF Research, Carrolton, Texas. “By the third quarter of 2010, the occupancy rate was up to 94.8%.
Partly because of financing, partly demographic shifts more people are looking to renting. Many urban areas have seen rents increase as builders and developers seek to meet the new demand. A look around Boston shows no shortage of apartment construction.
Tocci has seen this trend impact our work in the residential sector. We currently have several projects in New England and New Jersey. As soon as financing started to thaw, owners (and Tocci) were ready to meet the increased need.