Apartment Rentals Surge in U.S. (EQR, AVB)
According to a report in Bloomberg, apartment rentals in the U.S. are surging on rising foreclosures and a stronger job market for young professionals.
The number of occupied apartments rose by an outstanding 215,000 in the largest U.S. markets during the first half of the year according to MPF Research. “Demand is pretty stunningly strong in the first half,” Greg Willett, a vice president at the Carrollton, Texas-based apartment-industry research firm, said in an interview.
This should benefit the likes of Equity Residential (NYSE: EQR) and AvalonBay Communities Inc. (NYSE: AVB), and as such UBS recently raised its rating from Sell to Neutral.
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