U.S. Apartment Construction Hovers Near a Four-Decade High: ChartBy
It’s no wonder why a multitude of tower cranes are springing up across skylines of major U.S. cities: Apartment building represented about 57 percent of all homes under construction in October, close to a four-decade high, Commerce Department data show. Rental vacancy rates near their lowest since 1985 signal robust demand, and builders are responding. Apartment living has become the option for many Americans unable to qualify for a home loan because of rising prices or those who don’t have enough for a down payment.